“CEO pay surged 16% last year and the typical CEO raked in $15.1 million. Meanwhile, the median wage continued to drop, adjusted for inflation. You and I and other taxpayers are subsidizing sky-high executive compensation because corporations deduct it from their income taxes, causing the rest of us to pay more in taxes to make up the difference.
When he was campaigning for the presidency, Bill Clinton promised that if elected he’d end the deductibility of executive pay in excess of $1 million, but once in office modified his pledge to allow corporations to deduct pay over $1 million if linked to corporate performance. Since then, corporations have gamed the system -- giving out performance awards on the basis of nothing more than an upward drift in the value of the stock market as a whole, back-dating executive stock options to match past dips in the companies’ share price, and setting the performance bar so artificially low that executives are almost guaranteed to beat the threshold.
The Economic Policy Institute estimates that between 2007 and 2010, more than $121 billion in executive compensation was deducted from corporate earnings, and roughly 55 percent of this was for performance-based compensation. Given all the games, it’s likely much of this “performance” was baloney. As I argued (unsuccessfully) 20 years ago, we should get rid of the performance-pay loophole and keep the cap at $1 million. Executive pay in excess of $1 million shouldn’t be deductible from corporate taxes, period. (If you agree, you might want to write to the White House and to Sen. Max Baucus, urging that this be included in any tax reform legislation.)
PS: Under Dodd-Frank, the SEC was supposed to have issued a rule requiring corporations to disclose the ratio of the pay of its highest-paid executive to its average worker, but the SEC still hasn't moved on this.”
And corporations not only want me to donate my art, they want me to pay for matting and framing!
----- Forwarded Message -----
From: Nicholas Dalrymple <email@example.com>
To: "firstname.lastname@example.org" <email@example.com>
Sent: Thursday, July 18, 2013 7:33 AM
1. Artist name: Nick Dalrymple
2. Telephone #: 217-621-1030
3. Email: firstname.lastname@example.org
4. Website address: nickshome.weebly.com
5. Bio: Biography: I only create art for myself, but I am thrilled when others are moved by it. Vietnam veteran, student, husband, teacher, artist, jack-of-all- trades, science presenter, parent, grandparent, retired ; but not finished.
6. Artist statement:
“Family, Community, Country “
“The key to change …… is to let go of fear” – Rosanne Cash
I went to the doctor yesterday and I noticed that my file had been flagged as “ELDERLY.”
Many years ago my art was free flowing and spontaneous. As I grow older, my work is more thoughtful and structured. When I was younger my art came “as is.” Now I will revise and diddle until time for submission. This works best for me when I am asked to create an object for a specific event or theme, but I don’t think it makes better art.
For this piece about veterans in transition I spent quite a bit of time looking for old family pictures to illustrate the concept. Time flows from youth to maturity, and then starts the cycle again. I am very pleased with it. I hope you enjoy it too.