|August 31st, 2011||#1|
Join Date: Nov 2010
Banana Republic USA: 25 CEOs Who Make More Than Their Companies Pay In Taxes
Banana Republic USA: Meet the 25 CEOs Who Make More Than Their Companies Pay In Taxes
August 31st, 2011 · · Economy, Hotlist, Politics & Government
The Institute for Policy Studies has a revealing new report out today, “Executive Excess 2011: The Massive CEO Rewards for Tax Dodging.” Among key findings: at 25 companies “chief executive compensation actually ran higher than the company’s entire federal corporate income tax bill.” Before jumping into the details, let’s look at who these 25 modern day robber barons are:
Of many revealing statistics throughout the report, here’s two that I pulled to highlight:
• These 25 CEOs averaged $16.7 million, well above last year’s $10.8 million average for S&P 500 CEOs. Most of the companies they ran actually came out ahead at tax time, collecting tax refunds from the IRS that averaged $304 million.
• Of the 25 companies that paid their CEO more than Uncle Sam, 20 also spent more on lobbying lawmakers than they paid in corporate taxes. Eighteen gave more to the political campaigns of their favorite candidates than they paid to the IRS in taxes.
For one person to make more than these mega-profitable companies pay in taxes is insane and shows you how rigged the system is. The fact that these global corporations are also spending more on lobbying and campaign finance (political bribing) than they are paying in taxes leaves me speechless, except for two words: Banana Republic.
Here’s the full report in pdf format.