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Obama's Limit on Wall Street Pay Is Gutting His Tax Base



Former banker

WASHINGTON, DC, 2009-02-13 — Obama's pandering to populist sentiment by limiting the salaries of Wall Street bankers is thrilling class-warfaring liberals, but Treasury officials are dismayed that cutting Wall Street compensation will drastically reduce tax collections for the United States and blow a big hole in the funding for Obama's expensive programs.

"We were counting on the fat cats having high incomes so we could tax them," said Treasury Secretary and tax cheat, Timothy Geithner, who requested anonymity. "Now, instead of the top five percent of income earners paying for 60% of all federal government expenditures, they will pay only 10%. It's a freaking disaster!"

But, asked a Bongo News reporter, Obama said that if you take care of those at the bottom, the whole economy will be lifted up.

"Well," replied the official replied, "that might take a while."

Felix Frelinghuysen


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