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kottke.org posts about Leo Gerard

CEOs are America’s real moochers

posted by Jason Kottke   Jan 05, 2015

Leo Gerard, president of the United Steelworkers International union, writes about a Institute for Policy Studies report called Fleecing Uncle Sam. One of the most eyebrow-raising details is this:

Of America’s 100 top-paid CEOs, 29 worked schemes that enabled them to collect more in compensation than their corporations paid in income taxes. The average pay for these 29: $32 million. For one year.

And from the report:

All seven of these firms were highly profitable, collectively reporting more than $74 billion in U.S. pre-tax profits. However, they received a combined total of $1.9 billion in refunds from the IRS, giving them an effective tax rate of negative 2.5 percent.

The seven CEOs leading these tax-dodging corporations were paid $17.3 million on average in 2013. Boeing and Ford Motors both paid their CEOs more than $23 million last year while receiving large tax refunds.

Total bullshit.