Mike Bloomberg on Corporations
Mayor of New York City (Independent)
BLOOMBERG: Yes. I can tell you, in my company, we do not force arbitration, period. We have never done it, certainly not going to start it. And I think that should be the standard for the entire country. If we did it, maybe some other big companies will do it, and maybe we can start a national trend, because I think the conduct that the #MeToo movement has exposed is really outrageous.
The proposal includes a repeal of President Trump's 2017 tax cuts for high earners, along with a new 5 percent 'surcharge' on incomes above $5 million per year. It would raise capital gains taxes for Americans earning more than $1 million a year and maintain a limit on federal deductions of state and local tax payments set under the 2017 law, which some Democrats have pushed to eliminate.
The Wall Street Journal reports that "Bloomberg's tax policies would place him in the middle of the pack of his rivals for the Democratic nomination."
Allow me to answer that: We don't need the money.
Corporations are sitting on a record amount of cash reserves: nearly $2.3 trillion. That figure has been climbing steadily since the recession ended in 2009, and it's now double what it was in 2001. The reason CEOs aren't investing more of their liquid assets has little to do with the tax rate.
The largest economic challenges we face include a skills crisis that our public schools are not addressing, crumbling infrastructure that imperils our global competitiveness, wage stagnation coupled with growing wealth inequality, and rising deficits that will worsen as more baby boomers retire.
The new rules also restrained some development in congested residential neighborhoods and provided for some manufacturing and affordable housing at various sites, though nowhere near enough to satisfy critics who argue that too many of Bloomberg's plans favor the wealthy.
We added magazines, radio, and television--all tethered to the 24-hour machine--that made us unique as a multimedia company catering to the people with the most at stake. We were never satisfied and that drove us to work harder and build more. By May 1997 we were able to install our 75,000th Bloomberg computer terminal, bringing our annual sales to $1.3 billion.
The leverage we gain from employing creative people and letting them do their own thing is incredible. Our open physical plant encourages innovation, and our flat management structure guarantees a well-functioning meritocracy. Fortunately, for us, others do it differently. Typical company politics elsewhere stifle the most free-thinking employees and discourage risk taking. The accounting oversight in most corporations prevents trying in a year the diverse creativity we institute in a month. Thank goodness. We've got enough competition as it is. Of course, not everything we try works.
In short the history of computing, this process has played out repeatedly. Users get tired of the formal information-processing department. Those faceless bureaucrats want justification for spending money on hardware. They insist on setting priorities other than "all of the above."
From the old big mainframes, to limited-function, distributed PCs, to centrally managed networked resources, no one's ever satisfied except the hardware manufacturers. For users, it's politics, not engineering. For the vendors, its sales. For me at Salomon Brothers, it was a nightmare.
My salary is equal to the lowest-paid full-time employee we have (currently, $19,000 per year). Everything else I get is from my share of the firm's earnings (and income tax regulations encourage me to reinvest most of that in research and development).
For a decade and a half, I'd been an integral part of the country's most successful securities trading firm, even of Wall Street itself. Not just in my head. If my press was to be believed, in everyone's. Suddenly, though, needed no longer. I was a general partner. An owner rather than an employee. Nevertheless: Fired!
The Salomon Brothers Executive Committee had decide to merge the 71-year-old partnership with a publicly-held commodities trading firm, Phibro Corporation. For 63 of us, it was our last meeting as Salomon partners.
Of course, there was the $10 million I was getting. America's a wonderful country.
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2020 Presidential Candidates:
Pres.Donald Trump (R-NY)
V.P.Mike Pence (R-IN)
V.P.Joe Biden (D-DE)
Sen.Kamala Harris (D-CA)
CEO Don Blankenship (Constitution-WV)
CEO Rocky De La Fuente (R-CA)
Howie Hawkins (Green-NY)
Jo Jorgensen (Libertarian-IL)
Gloria La Riva (Socialist-CA)
Kanye West (Birthday-CA)
2020 GOP and Independent primary candidates:
Rep.Justin Amash (Libertarian-MI)
Gov.Lincoln Chafee (Libertarian-RI)
Gov.Larry Hogan (R-MD)
Zoltan Istvan (Libertarian-CA)
Gov.John Kasich (R-OH)
Gov.Mark Sanford (R-SC)
Ian Schlackman (Green-MD)
CEO Howard Schultz (Independent-WA)
Gov.Jesse Ventura (Green-MN)
V.C.Arvin Vohra (Libertarian-MD)
Rep.Joe Walsh (R-IL)
Gov.Bill Weld (Libertarian-NY,R-MA)
2020 Democratic Veepstakes Candidates:
State Rep.Stacey Abrams (D-GA)
Mayor Keisha Lance Bottoms (D-GA)
Rep.Val Demings (D-FL)
Sen.Amy Klobuchar (D-MN)
Sen.Kirsten Gillibrand (D-NY)
Sen.Maggie Hassan (D-NH)
Gov.Michelle Lujan-Grisham (D-NM)
Sen.Catherine Masto (D-NV)
Gov.Gina Raimondo (D-RI)
Amb.Susan Rice (D-ME)
Sen.Jeanne Shaheen (D-NH)
Sen.Elizabeth Warren (D-MA)
Gov.Gretchen Whitmer (D-MI)
A.G.Sally Yates (D-GA)
External Links about Mike Bloomberg:
2020 Withdrawn Democratic Candidates:
Sen.Michael Bennet (D-CO)
Mayor Mike Bloomberg (I-NYC)
Sen.Cory Booker (D-NJ)
Gov.Steve Bullock (D-MT)
Mayor Pete Buttigieg (D-IN)
Secy.Julian Castro (D-TX)
Mayor Bill de Blasio (D-NYC)
Rep.John Delaney (D-MD)
Rep.Tulsi Gabbard (D-HI)
Sen.Mike Gravel (D-AK)
Gov.John Hickenlooper (D-CO)
Gov.Jay Inslee (D-WA)
Mayor Wayne Messam (D-FL)
Rep.Seth Moulton (D-MA)
Rep.Beto O`Rourke (D-TX)
Gov.Deval Patrick (D-MA)
Rep.Tim Ryan (D-CA)
Sen.Bernie Sanders (I-VT)
Adm.Joe Sestak (D-PA)
CEO Tom Steyer (D-CA)
Rep.Eric Swalwell (D-CA)
Marianne Williamson (D-CA)
CEO Andrew Yang (D-NY)