Mega-Million CEOs: Our Tax Dollars at Work

[marmar]

from Too Much: A Commentary on Excess and Inequality:



Mega-Million CEOs: Our Tax Dollars at Work
August 19, 2012

The old robber barons exploited workers and gouged consumers. Today’s robber barons are making tens of millions off a lucrative new class of victims: average American taxpayers.

By Sam Pizzigati


Boeing makes airplanes. But airplanes haven’t made Boeing CEO James McNerney phenomenally rich. Tax avoidance has.

In 2011, the Institute for Policy Studies reported last week, Boeing registered over $5 billion in pre-tax profits. Yet the company didn’t pay Uncle Sam a cent in corporate income tax. Boeing actually collected a tax refund — a “net tax benefit,” to use the technical accounting jargon — worth $650 million.

This sort of tax gamesmanship has been going on at Boeing for years. Over the past ten years, the aircraft giant has only paid income tax in two. The biggest individual beneficiary of this dancing around the tax code: Boeing chief exec McNerney. He took home $18.4 million in compensation last year.

In 2011, for the second consecutive year, Boeing paid McNerney more in personal compensation than the company paid in federal income taxes. ...................(more)

The complete piece is at: http://toomuchonline.org/mega-million-ceos-our-tax-dollars-at-work/

[wordpix]

1. this needs to be an election issue: "Many corp's pay CEOs more than the corp's pay in taxes"

Do you think that's a simple enough message to get across to the stoopids?

[xchrom]

2. du rec. Nt