Friday, January 20, 2006

Bloomberg Gets Taxed

Tax time is upon us and no one can escape the taxman this time of year. Even Mike Bloomberg and his $1.00 salary for being mayor of New York City must pay up.

After taxes, it turns out that Mayor Bloomberg only makes $0.93 a year. If he were paid bi-weekly, he would have $0.04 paychecks to look forward to on the 15th and 30th of each month. That leaves 7 cents of the dollar that is taken out for Medicare and Social Security.

While his city-matched 401k may not allow him to retire in style, Bloomberg's other job has driven his net worth to around $5,000,000,000.

(Source - NY Daily News)