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(Reuters) - Twenty-five of the 100 highest paid U.S. CEOs earned more last year than their companies paid in federal income tax, a pay study said on Wednesday.
It also found many of the companies spent more on lobbying than they did on taxes.
Guess they are doing something very right, the rest of us aren't.
Personally, I think a CEO should only make those kind of sums if he brings in 10 times that in income. Otherwise. what good are they.
Bob Armstrong of AT&T... when he lost them $45B and still made mega millions... give me a break. And then they get golden parachutes.... HELLO!!!! Only if you make us money. otherwise YOU'RE FIRED!
* eBay whose CEO John Donahoe made $12.4 million, but which reported a $131 million refund on its 2010 current U.S. taxes.
* Boeing, which paid CEO Jim McNerney $13.8 million, sent in $13 million in federal income taxes, and spent $20.8 million on lobbying and campaign spending
* General Electric where CEO Jeff Immelt earned $15.2 million in 2010, while the company got a $3.3 billion federal refund and invested $41.8 million in its own lobbying and political campaigns.
Though the companies come from different industries, their tax breaks fall into two primary areas.
Two-thirds of the firms studied kept their taxes low by utilizing offshore subsidiaries in tax havens such as Bermuda, Singapore and Luxembourg. The remaining companies benefited from accelerated depreciation.
wow. that is amazing.
and the Republicans say we "can't close any loopholes in the tax code" ?
they say "we have the highest corporate tax rates in the world," but they sure don't like to talk about how nobody actually pays those rates.
Location: In a Galaxy far, far away called Germany
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Close those loop-holes. I'm not against people making ungodly amounts of money, but I am against the way some are doing it. Companies that are letting people go and not giving raises to even cover a cost of living, yet that CEO makes millions?
What is so surprising about this story? Every small business is the same, sole-proprietors pay themselves more than they pay in federal income taxes. If that was not the case, they would: 1) Be incredibly stupid; and 2) Not be in business for long.
CEO salary to employee, is 325 to 1, in 2004, I think it was 240 to 1.
JP Morgan was quoted at saying that it should never be more than 20:1. LOL.
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