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These 7 Firms Paid Their CEO Over 60% More Than Uncle Sam
Seven of the 30 largest U.S. corporations paid more money to their chief executive officers last year than they paid in U.S. federal income taxes, according to a new study by Center for Effective Government and Institute for Policy Studies. As Reuters reports, the study said the seven companies, which in 2013 reported more than $74 billion in combined U.S. pre-tax profits, came out ahead on their taxes, gaining $1.9 billion more than they owed...
and at the same time their CEOs were paid - on average - over $17 million each.
As Congress appears set to prioritize the renewal of corporate tax breaks in the lame-duck session, this report reveals stark indicators of the extent to which large corporations are avoiding their fair share of taxes.
- Of America’s 30 largest corporations, seven (23 percent) paid their CEOs more than they paid in federal income taxes last year.
- Of America’s 100 highest-paid CEOs, 29 received more in pay last year than their company paid in federal income taxes—up from 25 out of the top 100 in our 2010 and 2011 surveys.
These 29 CEOs made $32 million on average last year. Their corporations reported $24 billion in U.S. pre-tax profits and yet, as a group, claimed $238 million in tax refunds, an effective tax rate of negative 1 percent.
The company that received the largest tax refund was Citigroup, which owes its existence to taxpayer bailouts. In 2013, Citi paid its CEO $18 million while pocketing an IRS refund of $260 million.
Three firms have made the list in all three years surveyed. Boeing, Chesapeake Energy, and Ford Motors paid their CEO more than Uncle Sam in 2010, 2011, and 2013.
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While some of the firms dispute the findings, the study concludes its findings reflected "deep flaws in our corporate tax system."
Source: Center for Effective Government and Institute for Policy Studies
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A list for future hangings if nothing else
Only little people pay taxes, not big corporations who own the IRS.
Although interesting stuff, I'd be more interested to see how much tax these CEO's paid. I'd bet they all have Cayman Island accounts
Jump you fuckers....
Mostly "Deferred" compensation; Stock and Stock Options subject only to Capital Gains tax.
Fuck that shit just give me some ZH ads!
Besides salary is tax deductible
By definition, only people of little or no strength (be it moral or other kinds) give in to evils such as taxation.
"Flaws" in the tax system? BS, Charly Rangel made sure to write them up for his corporate buddies!
If these companies were paying taxes, who do you think the cost would be passed off to?
Taxation is theft.
Private companies are allowed to pay their employees whatever the employer and employee agree upon.
Not only the direct and indirect customers of these corporations and other stakeholders.
The mere existence of any government that taxes anyone anywhere at all in a society is a cost by itself, suffered by everyone in the society.
Does Gruber think most of the population understands who in the end pays taxes? Most of them think gubmint just has a stash of money that it greedily keeps to itself.
Don't worry, this will be taken care of after the dollar collapse and economic re-set.
you still don't have a clue. These super wealthy will be off on their private jets and their assets protected by some off shore tax scheme.
History repeats itself again. And serfs like you and I get the shaft. The difference is you think a reset makes a difference. It only means the oligarchs change names. You and I still get fleeced.
NoWayJose
Wrong on things will be taken care
Right on the dollar collapse
Wrong on reset
But lets all focus on the flag waving and pumping up the Vets at the NFL games.
Protecting our freedom? No, dying for these overpaid fucks and their rotten outfits who dont even pay taxes.
the american way.
wud be wrong wid d'guioteen...den mebbe he ca see hid wifes head arreddy in d'basket...
Who am I supposed to hate after reading this? Can someone please make up my mind for me, so I don't have to think critically?
dey ain' no thinkin' needed, jus take d'munny n run...
Solera - Really??????
Two words : Consumption Tax
Two words : Consumption Tax
so important it posted twice...
In Soviet America, CEO is taxing YOU!
Well, obviously some corporations are one with the government, thus Fascist America, which admittedly isn't much different in practice.
In some countries like Hong Kong it is even more obvious and direct, since the head of the government is officially called a chief executive, and the government is dependent on a communist government (PRC).
uncle sam paid more than 60% of their corporate
balance sheets.
looks good to me... if they weren't getting all that coin the names on the top of the list would sound like siverware hitting tile floors...and so would the names of ALL their employees. Careful what you wish for, you just might get it.
I have zero problem with people getting wealthy. I have a hell of a problem with people getting wealthy via fraud.
This is a problem for the banks. The people wouldn't get anything even it the corporations did pay more. And, the people that own the banks probably own the corporations. So what the hell.
Banking is a violent crime.
They pay taxes they just cut out the middle man and it's called
Bonuses
So what? Should they spend on the war machinery of the US? That would be better? Strange idea about what might be good/bad.
Where did this notion come from that Uncle Sam or any other government is entitled to moar from a company than what it pays its CEO? What a bunch of statist socialist nonsense.
Exactly .
You are about 3 times richer than you think .
See
https://www.academia.edu/9405720/The_Economics_of_Disrespect_Update_I
or
http://andreswhy.blogspot.com/2014/11/the-economics-of-disrespect-update...