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Entries tagged "CEO Pay"Page Previous 1 • 2 • 3 • 4 Next
September 19, 2011 · By Sam Pizzigati
President Obama last week proposed a tax increase on America’s wealthy to finance the $447 billion jobs plan he advanced the week before. Representative Eric Cantor, the GOP House majority leader, responded almost immediately.
“I sure hope that the president is not suggesting,” Representative Cantor pronounced, “that we pay for his proposals with a massive tax increase at the end of 2012 on job creators.”
Interesting. Does this mean that Cantor now welcomes tax hikes for job “destroyers”? Like Richard Clark, the chair of drugmaker Merck. Clark took home $17.9 million last year. His company earlier this year announced plans to shed 13,000 workers. Or how about Bank of America CEO Brian Moynihan? He pulled in $10 million last year. B of A has just announced 30,000 new job cuts.
We suspect that majority leader Cantor misspoke. He really doesn’t support tax increases on rich people period, whatever their job record may be. Cantor’s perspective has, of course, dominated Congress for the last three decades.
Read more at Too Much Online.
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.
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.
September 9, 2011 · By Matias Ramos
The 2011 Executive Excess report continues to make waves among members of the media and decision-makers in Congress. This time, Senator Durbin, a progressive democrat from Illinois, took to the Senate floor to highlight some of the findings of the report. He particularly zeroed in on General Electric, which has highlighted in the report as one of the top ten most creative tax-dodgers. Watch the video here:
September 9, 2011 · By John Cavanagh
It is wonderful to be back full-time at IPS – 15 months is a long time to be away. I'm deeply indebted to the Institutes' staff, board, and supporters like you for keeping IPS vibrant.
I want to thank Joy Zarembka in particular for guiding IPS during my sabbatical. Joy brought wisdom beyond her years to the helm, and we're stronger because of it. We're also greatly pleased that Joy will stay at the Institute, moving into the position of Associate Director. You'll see both of us writing for Unconventional Wisdom and sharing leadership as IPS confronts the greatest social and political challenges of the day.
Tonight, President Obama will address one of those challenges in a critical speech on his plan to create jobs. IPS has argued that any plan must build a new economy by shifting resources from speculative Wall Street firms to green Main Street firms. Central to this are revenue-raising measures aimed at reducing our country's immense inequality. Last week, we deepened our analysis with the release of our report, Executive Excess 2011: The Massive CEO Rewards for Tax Dodging. It was perhaps our best media day ever, garnering coverage in The New York Times, The Washington Post, The Nation, The Hill, Politico, CNN, the Chicago Tribune, and hundreds of other outlets.
The report found that corporate tax dodging has gotten so out of control that 25 major U.S. corporations last year paid their chief executive more than they paid Uncle Sam in federal income taxes. And these people – the nation's CEOs – are reaping awesomely lavish rewards for the tax dodging they have their corporations do. Obama would do well to urge Congress in his address to pass the Stop Tax Havens Abuse Act as one small step to curb corporate tax dodgers. Tune in to our blog and twitter stream tonight to get our breaking reactions to the speech.
As our country reflects upon the 9/11 terrorist attacks, many commentators are focusing on the role of the United States. But the past decade of fighting apparently endless wars confirms that Washington lacks the power and responsibility to serve as the global cop. As IPS expert John Feffer explains, "The problem isn't out there. It's right here, in the minds of those who believe that the United States is essential to managing these conflicts."
Finally, I invite you to join IPS as we remember two of our colleagues killed in the first act of foreign terrorism on U.S. soil – the assassination of Orlando Letelier and Ronni Karpen Moffitt at Sheridan Circle on September 18 and at the Letelier-Moffit Human Rights Awards on October 12.
Unconventional Wisdom is a biweekly newsletter published by the Institute for Policy Studies. To receive Unconventional Wisdom or other IPS newsletters in your inbox, sign up here.
No two corporations follow the same exact tax-dodging strategies. To give a sense of the breadth of corporate tax-avoiding creativity, we are spotlighting a choice selection of the nation’s most aggressive corporate tax avoiders.
International Paper Company
Turning a tax boondoggle into personal gold
CEO compensation: $12.3 million
U.S. federal income taxes: $249 million refund
International Paper CEO John Faraci received a 75 percent pay hike in 2010. He pocketed $12.3 million.
Faraci owes his good fortune, in large part, to a wood pulp byproduct called “black liquor.” Paper mills have been using this byproduct as a fuel since the 1930s. But that didn’t stop International Paper from lobbying in Washington to have “black liquor” earmarked for subsidies and federal tax refunds designed to spur the development of entirely new biofuels.That lobbying would be successful — for International Paper.
How much has the company garnered from twisting the intent of the alternative fuel incentive? In 2009, this twisting handed the company a whopping $1.7 billion in cash and cut the International Paper tax bill by another $379 million. This windfall added up to nearly 9 percent of the firm’s annual global revenue. Last year, International Paper reported still another net $40 million tax benefit from the biofuel credit.
International Paper’s corporate board, naturally, cited the company’s strong cash flow as a rationale for Faraci’s generous compensation package.
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