But many attendees lost their cool over Barack Obama’s State of the Union promise to introduce a minimum 30 percent income tax on millionaires. American CEOs who had followed the speech on their iPads during the three-hour drive from the airport vented their spleen during a session on the world business outlook. “They say they want to create employment, then they attack the employment creators,” complained Duncan Niederauer, CEO of the electronic stock exchange Euronext, who took home $5 million last year. “It’s wealth creation that matters, not income distribution,” chimed in Alcoa CEO Klaus Kleinfeld, whose last compensation package topped $11 million. Only John Chambers of Cisco (who took home $38 million last year) seemed to sense that the old Davos clichés of trickle-down might not work anymore. He chided Kleinfeld’s arrogance, saying, “It’s an embarrassment that US business has not found a way to combine its success with a growing middle class.”
via Global Business Elite Go Marxist at Davos! | The Nation.
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