Thanks in large to their union clause of “no lay-off’s”. With such a clause paired with hefty benefits and 80% of the budget spent on wages, how can you possibly run a sustainable business?
From the perspective of the board room, the fact that 25 corporations last year paid more money to their CEOs than they did in income taxes to the U.S. government is an achievement deserving applause.But few people outside Wall Street are clapping at this news, which was published by the Institute of Policy Studies (IPS) in its 18th annual Executive Excess report.Among the 25 companies that rewarded their leadership while dodging the U.S. Treasury were Boeing, Coca Cola, Dow Chemical, eBay, Ford, General Electric, Honeywell, Motorola, Stanley Black & Decker and Verizon. Eighteen of the 25 firms operated subsidiaries in offshore tax haven jurisdictions.The average paid to the 25 leaders was $16.7 million. John Lundgren, the CEO of Stanley Black & Decker, took home $32.6 million while his company claimed a net loss and did not pay corporate income taxes.The IPS report noted that executive compensation has continued to soar. In 2009, the ratio between worker salaries and CEOs was 263-to-1. By last year it was 325-to-1.Of the 25 companies that paid their CEO more than they paid to the government, 20 also spent more on lobbying lawmakers than they paid in corporate taxes. Eighteen gave more to the political campaigns of their favorite candidates than they paid to the IRS in taxes.
This story is thick:
Last summer, Fox News anchor Bill O’Reilly came to believe that his wife was romantically involved with another man. Not just any man, but a police detective in the Long Island community they call home. So O’Reilly did what any concerned husband would do: He pulled strings to get the police department’s internal affairs unit to investigate one of their own for messing with the wrong man’s lady.
Roger Ailes—treating his local police department like a private security force and trying to damage one cop’s career for the sin of crossing Bill O’Reilly.
The article goes on with the details from the Nassau County Police Department. Just like Rush Limbaugh and his drug problem as well as Donald Trump and his spoiled treatment on the part of his dad (as he then goes on to question Barack Obama’s education credentials and if he is worthy to be out POTUS), we now have O’Reilly who talks big talk, calls people pin heads, and does his best to be the conservative champ in terms of moral righteousness. I wonder how he will spin this on his show. Victimization possibly?
Keeping it real.
David Harsanyi explains how the mantra of “buy American!” can actually be anti-American:
If we all mechanically bought American, wouldn’t we allow manufacturers to avoid competition and rely on their locations rather than the excellence of their products? Sounds like the opposite of exceptionalism.
Harsanyi connects this to companies in America that are taking government handouts or have been propped up when nearly failing by the government. I believe in certain seasons of history this logic may work. This current one doesn’t seem to fit into that mold.
Or even for the year / decade:
GE earned $5.1 billion in profits in America in 2010, in addition to another $9.1 billion it made overseas. But it paid nothing to the IRS. Instead, it enjoyed tax breaks totaling $3.2 billion.
Meanwhile, the scapegoat “illegal immigrants” paid more than GE:
The Institute for Taxation and Economic Policy has concluded that unauthorized immigrants paid $11.2 billion in taxes last year. This total included $1.2 billion in personal income taxes, $1.6 billion in property taxes, and $8.4 billion in sales taxes.States that gained the most revenue from illegal immigrants paying taxes were California ($2.7 billion), Texas ($1.6 billion), Florida ($807 million), New York ($662 million), and Illinois ($499 million). They were followed by Georgia ($456 million), New Jersey ($446 million) and Arizona ($433 million).