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- Title
Corporations That Pay Their Executives More Than They Pay Uncle Sam.
- Authors
ANDERSON, SARAH; RICE, WILLIAM; TASHMAN, ZACHARY
- Abstract
A report by the Institute for Policy Studies and Americans for Tax Fairness reveals that many major U.S. corporations are paying their top executives more than they are paying in federal income taxes. Tesla is highlighted as a prime example, having made $4.4 billion in profits from 2018 to 2022 but paying no federal income taxes, while CEO Elon Musk became one of the world's richest individuals. The report identifies 34 other large and profitable companies, including Ford, Netflix, and T-Mobile, that paid less in federal income taxes than their top five executives' compensation. The authors argue that the excessive executive pay and minimal corporate tax payments are interconnected, with executives having a personal incentive to lobby for tax cuts that ultimately benefit themselves. The report suggests raising the corporate tax rate, closing loopholes, and implementing stronger regulations to address these issues.
- Subjects
EXECUTIVE compensation; CORPORATIONS; INCOME tax; TAX evasion; CORPORATE taxes
- Publication
CounterPunch, 2024, p1
- ISSN
1086-2323
- Publication type
Article