EVERY TWO WEEKS
   Please leave this field empty
Institute for Policy Studies
RSS Feeds
IPS Blog » Post

Ivan Seidenberg - Corporate Tax Dodger

September 12, 2011 ·

Phone customers paid more to Uncle Sam than the telecom giant Verizon.

Verizon
Phone customers paid more to Uncle Sam than the telecom giant

CEO compensation: $18.1 million
U.S. federal income taxes: $705 million refund

Verizon received a massive tax refund last year – despite earning $11.9 billion in pre-tax U.S. profits – the highest among the 25 firms highlighted in this report.Verizon received a massive tax refund last year – despite earning $11.9 billion in pre-tax U.S. profits – the highest among the 25 firms highlighted in this report.

Quite a feat for then Verizon CEO Ivan Seidenberg. In effect, every Verizon phone customer paid more in federal telephone excise taxes than Verizon paid in federal income taxes.

Verizon also has a heavy political presence in Washington. Last year alone, the telecom giant spent $16.7 million on lobbying — and deducted these outlays off its taxes.

Despite its hefty profits, Verizon last year announced 13,000 job cuts, the year’s third-highest corporate layoff total.

Outraged? Sign our petition and share with your friends below.


Scott Klinger
Associate Fellow
Global Economy