At least 25 top United States companies paid more to their chief executives in 2010 than they did to the federal government in taxes, according to a study released on Wednesday.
The companies — which include household names like eBay, Boeing, General Electric (Msnbc.com is a joint venture of Microsoft Corp. and NBC Universal, which is jointly owned by Comcast Corp. and General Electric) and Verizon — averaged $1.9 billion each in profits, according to the study by the Institute for Policy Studies, a liberal-leaning research group. But a variety of shelters, loopholes and tax reduction strategies allowed the companies to average more than $400 million each in tax benefits — which can be taken as a refund or used as write-off against earnings in future years.
The chief executives of those companies were paid an average of more than $16 million a year, the study found, a figure substantially higher than the $10.8 million average for all companies in the Standard & Poor’s 500-stock index. (more…)
And for even mentioning the obvious the wealthy have turned on Warren Buffet. Sick, sick people running this country and on top of this society.
According to The New York Times, last year General Electric (GE) made over $14.2 billion in profit, but paid NO federal tax. None. In fact, thanks to the millions GE spent lobbying Congress, we American taxpayers actually owed GE $3.2 billion in tax credits.
Now GE is slashing health benefits and retirement benefits for new employees among non-union workers and is expected to push unions to accept similar cutbacks, while its CEO, Jeff Immelt, gets a 100% pay raise.
What’s worse? Immelt now sits as chair of the President’s Council on Jobs and Competitiveness (Jobs Council), representing corporate America to the President on matters like job creation and corporate taxation. That’s a slap in the face to every hardworking, tax-paying American—especially GE employees.
That’s why we’re teaming up with Russ Feingold and his new group Progressives United today to call for Immelt to go. Will you join the call?
ATLANTA (CBS/AP) Wesley Snipes is facing up to three years in prison after a federal appeals court upheld the sentence against the film star who was convicted two years ago of failing to file income tax returns for three years. (more…)