"Our nation’s tax code has become a powerful enabler of bloated CEO pay."
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Twenty-six big U.S. companies paid their CEOs more last year than they paid the federal government in tax, according to a study released Thursday by a liberal-leaning think tank.
The study, by the Institute for Policy Studies, said the companies, including AT&T, Boeing and Citigroup, paid their CEOs an average of $20.4 million last year while paying little or no federal tax on ample profits, according to regulatory filings.
The study said deductions and credits are allowing companies to lavish big pay packages on executives so they can cut their tax bills while Washington gets less money in a time of trillion-plus deficits.
On average, the 26 companies generated net income of more than $1 billion in the U.S.
CEO James McNerney Jr. of Boeing got $18.4 million in pay last year while his company received a tax refund of $605 million.
Citigroup paid CEO Vikram Pandit $14.9 million while the bank received a net $144 million in tax benefits. A Citigroup spokeswoman noted that the company lost money in 2008 and 2009...
To calculate tax, the study used companies' own math based on accounting rules.
Regulators require companies to estimate their tax bill and disclose it in public documents for investors.
The study doesn't count tax the company plans to pay but has deferred to future years.
In addition to performance-pay deductions and R&D credits, the report criticized the use of tax havens that allow technology companies, for instance, to assign intellectual-property rights to shell companies in the Cayman Islands, so they can run profits through them and avoid taxes.
26 companies have a combined 537 subsidiaries in tax-haven countries.
http://www.omaha.com/article/20120816/AP09/308169979
The study, by the Institute for Policy Studies, said the companies, including AT&T, Boeing and Citigroup, paid their CEOs an average of $20.4 million last year while paying little or no federal tax on ample profits, according to regulatory filings.
The study said deductions and credits are allowing companies to lavish big pay packages on executives so they can cut their tax bills while Washington gets less money in a time of trillion-plus deficits.
On average, the 26 companies generated net income of more than $1 billion in the U.S.
CEO James McNerney Jr. of Boeing got $18.4 million in pay last year while his company received a tax refund of $605 million.
Citigroup paid CEO Vikram Pandit $14.9 million while the bank received a net $144 million in tax benefits. A Citigroup spokeswoman noted that the company lost money in 2008 and 2009...
To calculate tax, the study used companies' own math based on accounting rules.
Regulators require companies to estimate their tax bill and disclose it in public documents for investors.
The study doesn't count tax the company plans to pay but has deferred to future years.
In addition to performance-pay deductions and R&D credits, the report criticized the use of tax havens that allow technology companies, for instance, to assign intellectual-property rights to shell companies in the Cayman Islands, so they can run profits through them and avoid taxes.
26 companies have a combined 537 subsidiaries in tax-haven countries.
http://www.omaha.com/article/20120816/AP09/308169979
Disillusioned
New member
It's part of that trying to push tax changes through congress without having the support. Now the tax code is over 56,000 pages long and you need three doctorates to understand it. Wipe it all and start back to a simple percentage of income per increment.
Airstrip One
Completely Effed
We would also do well to scrap the corporate tax and replace it with a Domestic-Preferenced VAT. Simply placing it at 12% would alone beat out the revenues derived from the current corporate tax rate.
http://www.firstprinciplesjournal.com/articles.aspx?loc=ja&article=1793
http://www.firstprinciplesjournal.com/articles.aspx?loc=ja&article=1793
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For Republican Mitt Romney and his new running mate, the solution is lower taxes and fewer regulations.
http://abcnews.go.com/US/wireStory/ryans-hometown-route-back-prosperity-17025203#.UC4C29lt521
http://abcnews.go.com/US/wireStory/ryans-hometown-route-back-prosperity-17025203#.UC4C29lt521
Disillusioned
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As opposed to Obama whose plan is "Hey the rich can pay for all my stuff"
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Can't they?
IVAN CHESNOKOV
HERO OF SOCIALIST LABOR
IVAN AGREE WITH CARTOON MAN. HERE IN GLORIOUS SOVIET UNION WE HAVE RICH PAY FOR EVERYTHING, EVEN IVANS VODKA AND TOILET PAPER RATION. OF COURSE IVAN NEED TO STEAL FROM NEIGHBORS, AS THERE ARE NO MORE RICH TO TAX, AND IVAN NEEDS MANY VODKA RATIONS. BUT SUCH IS LIFE IN PERFECT SOVIET SYSTEM.
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In America the rich get tax cuts and we get money from the middle class instead.
How does Romney's effective tax rate stack up against the average American's? Here are the numbers, via the Tax Policy Center:
Bottom fifth: 1 percent
Second-to-bottom: 7.8 percent
Middle fifth: 15.5 percent
Second-highest fifth: 18.7 percent
Highest fifth: 24.3 percent
So Romney pays a lower effective tax rate than 60 percent of Americans, and those who pay lower are the poorest 40 percent of the population...Second-to-bottom: 7.8 percent
Middle fifth: 15.5 percent
Second-highest fifth: 18.7 percent
Highest fifth: 24.3 percent
http://www.theatlantic.com/politics...13-in-taxes/261232/?google_editors_picks=true
Disillusioned
New member
Yes, the rich pay for expensive acountants to fleece the system. Did you think they wouldn't? Everyone tries to fleece the system, it's part of that tax code that has slowly formed. All the nice tax breaks and cuts for things the government approves of and disapproves of over 200 years. This is your tax code.
Are you not entertained?
IVAN CHESNOKOV
HERO OF SOCIALIST LABOR
IVAN GIVES HEARTY LAUGH AT THIS. IVAN IS VERY ENTERTAINED.
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They do?