26 Big Firms Paid More to CEOs Than to US in Taxes

Quote:


A new study that might set your blood boiling finds that 26 large US companies, each of which generated an average of more than $1 billion in net income last year, paid more to their CEOs than they paid to the federal government in taxes last year. The CEOs received an average of $20.4 million while the companies paid little to no federal tax

The companies include:

•Boeing, which got a $605 million tax refund and paid its CEO $18.4 million. (A spokesperson says the company actually paid $1.3 billion in taxes.)
•Citigroup, which received a net $144 million in tax benefits and paid its CEO $14.9 million.
•AT&T, which saved $5.2 billion in taxes using accelerated depreciation and paid its CEO $18.7 million

@JennyReb Said

I wonder if big companies pay little taxes because of the complexity of the tax code.

Politicians say they want the rich to pay a high tax rate, but to get the high tax rate to pass congress, the law must include ways for rich people to avoid taxes.

Or the congress passes tax breaks for some groups because they hope that will help disadvantaged or some other favored group.

@JennyReb Said


Politicians say they want the rich to pay a high tax rate, but to get the high tax rate to pass congress, the law must include ways for rich people to avoid taxes.

@townie_guy Said

Im still wondering what it takes to be so successful and become CEO of a company. I dont resent these people, Im actually in awe of them.

What is it they posess, that they can be so much more successful than me in life.

@boxerdc Said

By and large, you need to start with a lot of money.. Then you need to have a good family that sends you to the right schools, so you can meet other people with lots of money and good families.. After that, you buy enough stock to get noticed in companies where you've got friends, and then you have them vote you onto the board..

Once there, you do your level best to piss on your friends... just enough to make sure that they don't get the spot, but not so much that they realize that it's you that's doing it.

Once you're in the position, you then fire your board of directors, and replace them with people who will take years to fight amongst themselves as to who will take your place.

There are exceptions.. The CEO of my company actually came from a working class family, went to a state college and only has his bachelors degree.. He worked his way up through our company, and is so genuinely well liked by everyone, and so freaking naturally capable, that he was a shoe in for the job.

The exceptions are pretty rare though.

@townie_guy Said

Hmmm, I think that is where I am gonna fail. One does not have the correct upbringing. A savage like me does not mix with the gentleman.

Its just when you look at people like Mark Zuckerburg. ALthough he did reinvent social networking and he isnt in it for the money.

I doubt I will never make it that high. But Im still gonna give upper managment a shot. Nothing wrong with having a goal.

@boxerdc Said

By and large, you need to start with a lot of money.. Then you need to have a good family that sends you to the right schools, so you can meet other people with lots of money and good families.. After that, you buy enough stock to get noticed in companies where you've got friends, and then you have them vote you onto the board..

Once there, you do your level best to piss on your friends... just enough to make sure that they don't get the spot, but not so much that they realize that it's you that's doing it.

Once you're in the position, you then fire your board of directors, and replace them with people who will take years to fight amongst themselves as to who will take your place.

There are exceptions.. The CEO of my company actually came from a working class family, went to a state college and only has his bachelors degree.. He worked his way up through our company, and is so genuinely well liked by everyone, and so freaking naturally capable, that he was a shoe in for the job.

The exceptions are pretty rare though.

@boxerdc Said

Upper management is a huge hassle.. Of course it comes with a huge paycheck, but you don't really get the chance to enjoy it..

Middle management is good.. You get a nice paycheck, and almost all the time you can leave work at work.. The down side is that you actually have to be really good at your job, and you have to be able to keep your employees happy without pissing off the multiple layers of bosses above you.

@Leon Said

My grandfather was a CEO. A lot of times, it is just who you know and being in the right place at the right time.

@boxerdc Said

Upper management is a huge hassle.. Of course it comes with a huge paycheck, but you don't really get the chance to enjoy it..

Middle management is good.. You get a nice paycheck, and almost all the time you can leave work at work.. The down side is that you actually have to be really good at your job, and you have to be able to keep your employees happy without pissing off the multiple layers of bosses above you.

@Leon Said

From your description, it sounds like upper management is less of a hassle.