21 thoughts on “US CEOs get richer, poor get poorer

  1. In 2009 the corp I work for froze my wages because of the economic troubles in the US, meanwhile, the CEO gave himself a 27% pay bump.

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  16. For American companies ‘Tis The Season To Be Greedy’.

    America’s largest companies Pay their CEOs more than they pay in taxes.

    America’s largest companies are using a wide variety of loopholes to bring their collective tax bills into negative digits. Following are the 10 highest-paid CEOs of 2013.

    Anthony Petrello, Nabors Industries, $68.2 million.
    Leslie Moonves, CBS, $65.6 million.
    Richard Adkerson, Freeport-McMoRan Copper & Gold, $55.3 million.
    Stephen Kaufer, TripAdvisor, $39 million.
    Philippe Dauman, Viacom, $37.2 million.
    Leonard Schleifer, Regeneron Pharmaceuticals, $36.3 million.
    Robert Iger, Walt Disney, $34.3 million.
    David Zaslav, Discovery Communications, $33.3 million.
    Jeffrey Bewkes, Time Warner, $32.5 million.
    Brian Roberts, Comcast, $31.4 million.

    Out of 30 of the largest companies in the United States last year, nearly a quarter paid more to their chief executive than they did in federal taxes, according to new research.

    That proportion appears to hold true for a larger sample of US companies, as well. Of the country’s 100 top-paid CEOs last year, 29 received more in compensation than their companies paid in taxes.
    And that trend appears to be strengthening.

    ‘The last two times we looked at these figures, 25 out of the top 100 fell into this category. This time it’s gone up to 29,’ Sarah Anderson, director of the Global Economy Project at the Institute for Policy Studies said.

    She is also the co-author of the new report, titled ‘Fleecing Uncle Sam: A growing number of corporations spend more on executive compensation than federal income taxes’.

    She added: ‘So clearly there isn’t a lot being done to crack down on the massive tax loopholes that these very large corporations, in particular, are able to take advantage of. In fact, the problem is getting worse.’

    This was the first time that the report, jointly produced by the Institute for Policy Studies and the Centre for Responsive Government and released last week, has included exploration of the compensation and tax-payment practices of the country’s 30 largest companies.

    Of these, the seven companies that paid their CEOs more than what they paid the US Treasury are among the most well-known names and brands in the world – Boeing Co., Ford Motor Co., Chevron Corp., Citigroup Inc., Verizon Communications Inc., JPMorgan Chase & Co. and General Motors Co.

    Further, each of these corporations was extremely profitable in 2013, collectively taking in some $74 billion in profits before taxes, according to estimates in the new report.

    Yet these companies were also able to make use of a spectrum of tax breaks that resulted in significant refunds.

    Using public information, the researchers were able to estimate that these seven companies got back nearly $2 billion in tax refunds for last year.

    That would result in ‘an effective tax rate of negative 2.5 per cent,’ the report states.

    http://wrp.org.uk/news/10436

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