26 CEOs paid more than Uncle Sam
A new report flags 26 companies that paid less in taxes last year than they paid their CEOs, ending up with little or no tax bill on an average $1 billion in revenue. Here's how they pulled it off.
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But...Rick V - you are not looking at the whole picture. In the last 10-15 years or more, income for the vast majority of Americans has barely kept up with inflation, or not even kept up - while the incomes for the high "earners" has sky rocketed. As this artilel tries to point out, the issue is the bad combination of things. Taxes for the wealthy are in fact at the lowest in 100 plus years - maybe lowest ever; their tax loop holes just continue to grow; their effective tax RATE is the lowest of all income earners except for those below the pverty line; as CEO's and other top execs continue to find ways to add to their income, this escalated income deducts from the bottom line income - which also reduces corporate taxes - so pay the CEO's more so they get taxed less (putting the burden elsewhere). Maybe CEO and high exec pay should not deduct from the income tax is based on?
And, many of these companies who effectively paid little or no income taxes by sheltering money offshore?? Wow - true Americans - eh? Bums in my book. Or, scum bags. I want to see a complete list of those companies sheltering offshore or exploiting loop holes to the max and start a campaign to boycott their products as much as possible until they WAKE UP and start really being Americans!
If the Amercian People believed that the Government would use our tax dollars efficiently and effectively, no one would have a problem with taxes being raised across the board.
BUT... since our "leadership" (both the Right & Left) has shown that they do not have that ability, maybe we need to allow the taxes to go up and cuts in spending take place so that enough of us will get fed up with both the "entitled" and "corporate greed" to the point that we throw them all out and start over with a group that will truly represent the middle class.
Congress panders only to those "without" and to those "with", NOT those that are willing and able!
Huh? Somehow the wealth of companies belongs to the 'country'? The country's wealth is being 'diverted' into the pockets of top executives? I guess the wealth is also being 'diverted' into the pockets of its other employees, its vendors and its shareholders as well. The comment also fails to take into account the taxes paid on those earnings by all of the employees.
A ridiculous comment and a nutty analysis.
After all of the wall street crap, now they want Bernanke to give them more and they have and are making a mint off of the suckers in the markets. I say write to your congressmen and women and senators and stop Bernanke from giving wall street a dime!!!!!!!!!!! I am!!!
It s all a bunch of made up crap that wall street wants to make everyone pay out the wazoo for gas and oil and food and then wants the taxpayers to pay them more for doing it.
Make Bernanke pay it all back out of his pocket and he won't be so free with the taxpayers money!!!!!!!!!
The problem with over paying CEOs is that they are only concerned about short term gains to boost their salary and then let the company crash and burn as they float away on their golden parachutes. Any CEO can boost the bottom line of a company merely by slashing workers without regard to the long term health of the company. So a CEO can cut jobs to "gain efficiency" pocket the money as a "performance bonus" bail out or sell the company as it flounders and still have enough money for the rest of their lives since their salary will be in the millions. This is not good for business or the American workers. The CEO gets the money and the workers get the shaft.
Some corps. pay no taxes while most do, and they are the one's usually struggling to survive. In the first place corps. DO NOT PAY TAXES, its the consumers that those tax dollars are passed onto. They the corp. treat it as any other expense, such as electricity cost. The losers are us the consumers. Companies in this country pay the highest tax in the world. Sending jobs overseas or making our products costlier. Remember its the consume that pays those taxes in the products. that we buy.
If corporations were free of taxes, they could expand, hire more people, pay their employees more.which in turn would generate more tax dollars for the gov.
Here's the problem. Business and government are in bed together. It started with Regan when he "downsized" government by outsourcing what had been government functions to private entities. These private entities make campaign contributions to ensure that the government gravy keeps coming. And the average taxpayer is generally forgotten.
A good example are college student loans. The banks make over $1 billion a year to "administer" the program. Guess what? The banks are against making any changes to the way student loans are administered. Certainly they have no incentive to make it run more efficiently. And they can use the money they make off the program to contribute to both parties to make sure whoever is elected is sympathetic to their demands.
At one time it was only military industrial complex that was growing out of control. Now it's corporate America. These are the same people who say they are part of the "I did it myself" club.
There is no discussion of this of course. Stupid taxpayers fight about which party is better when they are all part of the same corrupt system.
We do need tax reform, but putting a companies tax refund at the top as if it means anything is a shameful ploy to get people excited. A corporate tax refund works the same way as yours or mine, if they pay too much in over the course of the year, they get a refund. If they pay to little, they owe. They really should be showing the company's effective tax rate v. how much income the earn in the U.S., which are both normally disclosed in a company's filings. But for someone who at least pretends to know what they are talking about to act as if a company isn't paying its "fair share" because it got a refund is pathetic Micheal Brush, whoever you are.
When it comes to taxes IMHO Less is more ....... and the tax system (corporate and individual) needs to be streamlined and simplified. The more complex the tax code, the more likely smart (read: not government fantasylanders but real world business) people will find a way to beat it. Providing the opportunity to do so then whining when they find a way to exploit is simply a losing proposition. Tighten up the rules and we'll begin to bridge the gap.
And yes, there are many CEOs that are paid way in excess of the value that they bring to the Company. Conversly, there are many politicans that bring zero value and they should be afforded the opportunity to exist in the real world.
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