7 TOP US COMPANIES paid more in CEO salary than taxes to Uncle Sam

Well, now there's some perspective for us to ponder...


Seven big U.S. companies paid CEOs more than Uncle Sam in 2013: study
BY KEVIN DRAWBAUGH
WASHINGTON Tue Nov 18, 2014 12:32am EST

(Reuters) - 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 study released on Tuesday that was disputed by at least one of the companies.

Amid talk in Washington about corporate tax reform, 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.

At the same time, the CEOs at each of the seven companies last year was paid an average of $17.3 million, said the study, compiled by two Washington think tanks.

The seven companies cited were Boeing Co (BA.N), Ford Motor Co (F.N), Chevron Corp (CVX.N), Citigroup Inc (C.N), Verizon Communications Inc (VZ.N), JPMorgan Chase & Co (JPM.N) and General Motors Co (GM.N).

The Institute for Policy Studies and the Center for Effective Government, the study's co-authors, said its findings reflected "deep flaws in our corporate tax system."

In reply, Verizon said it paid $422 million in income taxes in 2013. "We do not provide a breakdown between federal vs. state in that total; however, I am confirming for you that the federal portion of that number is well more than Verizon's CEO's compensation," a spokesman said in an email.

Boeing said its 2013 global tax bill was $1.6 billion, though all but $5 million was deferred due to development and production investments. A spokesman said current tax expense and cash taxes were likely to rise as 787 jet deliveries ramp up.

Like the other companies, Citigroup said it abides by all tax laws. "In 2013, Citi paid more than $3 billion in payroll taxes and more than $95 million in use tax, personal property and real property taxes in the U.S.,” a spokesman said.

Both automakers Ford and General Motors said their current U.S. tax bills are reduced by tax loss carry forwards stemming from severe losses suffered a few years ago.

Energy group Chevron said its 2013 current U.S. federal income tax expense of $15 million "was much lower than normal" due to several factors. Echoing other companies, Chevron stressed it pays taxes worldwide.

JPMorgan Chase declined to comment.


(Additional reporting by David Henry and Alwyn Scott in New York, Marina Lopes in Washington, Ben Klayman in Detroit, and Ernest Scheyder in Williston, N.D.; Editing by Cynthia Osterman)

 

I guess the stockholders are happy with the work the CEOs are doing.

 

I care about this, why?

 

And?

Is that supposed to be a bad thing?

 

The Nation parses it out further...


When Mega Corporations Get Mega Tax Breaks, We All Pay
Katrina vanden Heuvel on November 18, 2014 - Nation 10:27 AM ET

(Reuters/Robert Sorbo)

Is corporate CEO pay really out of control? Well, consider Fleecing Uncle Sam, a new report from the Institute for Policy Studies and the Center for Effective Government. Of the 100 highest-paid CEOs in the US, the study finds, twenty-nine of them received more compensation than their companies paid in federal income tax.

Take American Airlines, for example. CEO W. Douglas Parker took home $17.7 million in total compensation in 2013, while his company received a $22 million tax refund. It makes you wonder. After all, American didn’t have a lot of income on which to pay taxes—the company’s pre-tax income in 2013 was negative $2 billion—so is AA sending us a message that tax avoidance, and not air transport, is their real business? Parker certainly piloted his company to be more success at the former than he did the latter.

Scott Klinger, Director of Revenue and Spending Policies at the Center for Effective Government, co-authored of the report. “Our corporate tax system is so broken,” he says, “that large, profitable firms can get away without paying their fair share and instead funnel massive funds into the pockets of top executives.”

But the heavyweight champion of corporate tax refunds is JPMorgan Chase, which earned more than $17 billion in 2013 in pre-tax income. Their tax “payment” took the form of a $1.3 billion refund. How did this happen? How can this all be above-board tax avoidance, not unlawful tax evasion? When it comes to avoiding taxes, American corporations have a veritable salad bar of helpful (and legal) techniques, including inversions and tax havens. But perhaps most galling are “extenders,” subsidies and tax-breaks handed to them by Congress. Every year or two, with little or no debate, Congress votes to extend fifty-five of these tax breaks, with 80 percent of them benefitting corporations.

 

Why should corporations be taxed at all? It's a double taxation in the first place. All of their employees will be taxes on their salaries and all of the investors will pay taxes on their investments when they cash in. I think they need to get rid of the capital gains loophole, tax it the same as ordinary income, and eliminate the corporate tax. Of course those rates should be much lower as well.

 

It's about return on investment. They probably got more value from those CEO's than the government.






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I guess.

 

The Chicago Mob was happy with the work Big Al was doing.

 

I've said it before and I'll say it again. There isn't a man who puts his leg in his trousers (or a hiney in her skirt) that is worth the kind of money
these clowns are commanding these days. It's absurd! First # I want to see is what the BOTTOM employee makes in each of these companies
when I hear these numbers.

He/she can add another $500k and it will MAKE ZERO CHANGE in their lives. $1000 for their employees at the the bottom can change their lives.

 

Then why create such loud threads about it, if your fauxrage is so easily quashed by sane reasoning ?!

There's always the next thread, I guess.

In 5.. 4.. 3.. 2..

 

Heck, I will venture an educated guess that YOU earn more than 80% of the world. Should your wages be reduced to a level comparable to a worker in Bangladesh?

What about an athlete signing a $300+ million dollar contract. Is that okay with you?

Just asking.

 

To you. You're welcome to your opinion and you're welcome to spend your money based on your opinion. The same is true of the owners and management of the top 7 companies.





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Liberal billionaires don't seem to think there is a problem.
http://m.huffpost.com/us/entry/5226034

 

Watch the winnuts shill for Wall Street, and then turn around and complain about how middle class income keep declining.

 

What about the work the rest of the people in the companies are doing? You know- the people who actually make the products?

- - - Updated - - -

Oh yeah, it should take about 5 minutes.

 

BREAKING NEWS: Liberal upset that government isn't getting more of employee's salary than employee is.

 

And, who made you the sole arbiter of what anyone is worth and should be compensated?

This is one of the major problems with Libs/Statists...