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As Economy Lags, New Study Reveals 25 Top Firms Pay More to CEOs Than in Taxes

Thursday, 01 September 2011 08:06 By Amy Goodman and Juan González, Truthout | Video

See also: CEO Pay Exceeds Company Tax Bill at Major Corporations

A new study reveals that 25 of the nation’s largest corporations paid more money to their CEOs last year than they did to the federal government in income taxes. Often using overseas tax havens, many of the corporations managed to make billions in profits but paid little to nothing in federal taxes. In many cases the companies received large tax rebates. The list includes some of the country’s best known companies, such as Ford, Coca-Cola, Verizon, General Electric and eBay. The same study found that the ratio of CEO pay to that of the average worker in the United States jumped to 325-to-1 last year. We speak to the study’s co-author, Chuck Collins, a senior scholar at the Institute for Policy Studies and director of its program on Inequality and the Common Good. “What these companies do is they use a variety of tax loopholes, corporate loopholes to gain down their taxes. These are what I would call the champions in the tax gymnastics department,” says Collins.

Juan González

Juan González co-host's Democracy Now! with Amy Goodman. González has been a professional journalist for more than 30 years and a staff columnist at the New York Daily News since 1987. He is a two-time recipient of the George Polk Award.

Amy Goodman

Amy Goodman is the host and executive producer of Democracy Now!, a national, daily, independent, award-winning news program airing on over 1,100 public television and radio stations worldwide. Time Magazine named Democracy Now! its "Pick of the Podcasts," along with NBC's Meet the Press.


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As Economy Lags, New Study Reveals 25 Top Firms Pay More to CEOs Than in Taxes

Thursday, 01 September 2011 08:06 By Amy Goodman and Juan González, Truthout | Video

See also: CEO Pay Exceeds Company Tax Bill at Major Corporations

A new study reveals that 25 of the nation’s largest corporations paid more money to their CEOs last year than they did to the federal government in income taxes. Often using overseas tax havens, many of the corporations managed to make billions in profits but paid little to nothing in federal taxes. In many cases the companies received large tax rebates. The list includes some of the country’s best known companies, such as Ford, Coca-Cola, Verizon, General Electric and eBay. The same study found that the ratio of CEO pay to that of the average worker in the United States jumped to 325-to-1 last year. We speak to the study’s co-author, Chuck Collins, a senior scholar at the Institute for Policy Studies and director of its program on Inequality and the Common Good. “What these companies do is they use a variety of tax loopholes, corporate loopholes to gain down their taxes. These are what I would call the champions in the tax gymnastics department,” says Collins.

Juan González

Juan González co-host's Democracy Now! with Amy Goodman. González has been a professional journalist for more than 30 years and a staff columnist at the New York Daily News since 1987. He is a two-time recipient of the George Polk Award.

Amy Goodman

Amy Goodman is the host and executive producer of Democracy Now!, a national, daily, independent, award-winning news program airing on over 1,100 public television and radio stations worldwide. Time Magazine named Democracy Now! its "Pick of the Podcasts," along with NBC's Meet the Press.


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blog comments powered by Disqus