How do you value the efforts of America’s top chief executives? Are they worth 10 times what their average worker makes, 20 times or even 100 times?
The current answer appears to be a ratio of more than 300-to-1, according to a new study from the left-leaning Economic Policy Institute. The meteoric rise of CEO pay is nothing short of breathtaking, outpacing not only the wages of ordinary workers, but also gains in the stock market and the not-too-shabby rise of income among America’s 0.1 percent of top earners. MORE
Here’s a recipe for an economic armageddon: Take a rapidly aging society and a younger generation that’s not having kids. The result? An incredible shrinking economy that’s also burdened by huge costs to its Social Security and tax systems.
That’s the grim future for countries such as Japan, where the population is forecast to decline by one-third through 2060, thanks to a sharp drop in birthrates and an elderly population. In the U.S., a childbirth trend among Millennials is raising questions about whether some of the same economic pressures could be in store for America. MORE
WASHINGTON — The House of Representatives voted Thursday to give a tax break worth $269 billion to the richest few thousand estates in the country, and add that cost to the federal debt.
Called the Death Tax Repeal Act of 2015, the bill would end the nearly 100-year-old federal estate tax. All but three Republicans voted in favor, while all but seven Democrats voted against. The legislation passed 239 to 179.
The measure benefits only the top .2 percent of the population because the other 99.8 percent of the country doesn’t own enough wealth to ever pay the tax. Only estates worth more than $10.9 million for couples and $5.4 million for individuals fall under the tax. MORE
After weeks of stalemate with Republican leadership over a deal to replace the wide-ranging, across-the-board spending cuts known as sequestration, President Obama has been consulting with a new set of Republican lawmakers — the so-called “common sense caucus” — about the nation’s fiscal issues and the possibility for a deal to resolve them.
Included among the small group of Republican senators the president has consulted on the matter are Sens. Rob Portman, R-Ohio, Susan Collins, R-Maine, Lindsey Graham, R-S.C., Tom Coburn, R-Okla., and Bob Corker, R-Tenn., CBS News has confirmed through multiple sources. A White House official also reached out to Sen. Roy Blunt, R-Mo., a Republican Senate aide said.
“It was constructive,” Corker told CBS News, of his conversation with the president.