One-quarter of the 100 corporations with the highest paid CEOs paid less in US taxes in 2010 than they paid to their chief executive officers, according to a report issued Wednesday by the Institute for Policy Studies (IPS).
According to the report (The Executive Excess 2011: The Massive CEO Rewards for Tax Dodging), among the corporations that fall in this category are General Electric, Honeywell, Ford, Boeing, Coca-Cola and Verizon. The latter company is demanding huge concessions from its workforce, which led to a two-week strike last month.
Corporate excess and tax dodging is a time-honored tradition in America. Indeed, it is a matter of public record that many of the largest corporations pay no taxes at all. The IPS report, however, comes at time when budget deficits at the federal and state level have been exploited to implement massive cuts in social services and worker pay, all on the grounds that there is simply “no money.”
Wow. So if the tax dodgers would pay what they really owe, imagine how much better off the country would be.
There's always an excuse when you're dealing with tax cheats. They also love to say, "Well I've already paid X this year!" Yeah but you've made 50 times X this year.
This is C.I.'s "Iraq snapshot" for Thursday: