Taxation without representation. Is it time for a new American Revolution?
I read a story recently that reported on the high salaries executives of charitable organizations pay themselves. Annual salaries in the mid six figures, some approaching the $1 million range. Most of the charitable groups mentioned receive the majority of their funds from federal grants and little of this money ends up providing the services these groups are chartered to provide.
The reporter points out that a federal law exists prohibiting excessive pay to executives of tax-exempt organizations, but the IRS, the benefactor of privileged 501c3 tax-exempt status, has done little to nothing to police and punish those guilty of malfeasance.
In a disgusting way, it’s déjà vu all over again.
It reminds us of the less-than-stellar performance over the past decade of the SEC whose job it is to monitor Wall Street activities. They regulate executives; their behavior and the financial transactions they sanction. The SEC’s goal is to make certain executives comply with well established and time tested standards of fiscal safety and soundness. Today, after all the uproar and hubbub over the past 18 months, and the billions of government bailout dollars, Wall Street nabobs continue to bathe themselves in exorbitant compensation and bonuses totaling in the billions while their companies financial viability remains questionable.
What’s the deal?
Two possible explanations:
(1) Our government doesn’t give a damn, and
Disclaimer: My concern exempts entrepreneurs who create wealth by risking everything to advance their innovative ideas…the Bill Gates, Michael Dell’s, the Russians who started Google and the like who are living the American dream and have earned their success. They’re heroes of our free enterprise system.
The guilty are people who don’t create any new wealth, but steal from those who do, and ultimately fall under the purview of the US Government. They simply move money around and skim as much as they can along the way to make themselves fabulously wealthy.
Our government isn’t paying attention to their shenanigans and public patience is running out.
To make matters worse, the nabobs who pay fortunes to themselves are so wealthy they believe they’re above the law. Beyond reproach. They live in gilded cocoons minted in money.
One even had the gall recently to describe his behavior and those in his company as being divinely inspired. Jeeez!
Malfeasance has no standing in the rarified world these Monarchs of Greed occupy; furthermore, their outrageous compensation practices and gross mismanagement are government allowed abuses and are a modern day form of taxation without representation.
So much lucre is being distributed to so few while Uncle Sam continues to point his finger at you and me. We’re the ones saddled with the tax burden these creeps have created thanks in large measure to our government; specifically, its failure to regulate criminal behavior and consequent bailouts.
It may be time for a new American Revolution.
George Washington…John Adams…Thomas Jefferson…James Madison…James Monroe…John Quincy Adams…Benjamin Franklin…Alexander Hamilton…
Who among us today is most like you?