Wednesday, August 31, 2011

Corporate tax dodging out of control?

Interesting report from the Institute for Policy Studies in the USA:
"Guns don't kill people, the old saw goes. People do.

"By the same token, corporations don't dodge taxes. People do. The people who run corporations. And these people — America's CEOs — are reaping awesomely lavish rewards for the tax dodging they have their corporations do.

"In fact, corporate tax dodging has gone so out of control that 25 major U.S. corporations last year paid their chief executives more than they paid Uncle Sam in federal income taxes.

"This year's Institute for Policy Studies Executive Excess report, our 18th annual, explores the intersection between CEO pay and aggressive corporate tax dodging.

"We researched the 100 U.S. corporations that shelled out the most last year in CEO compensation. At 25 of these corporate giants, we found, the bill for chief executive compensation actually ran higher than the company's entire federal corporate income tax bill..."
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3 comments:

  1. So true about people. A corporation is a legal fiction behind which people siphon money out of the economy and socialize the consequences of destruction under the guise of limited public liability. Those folks also get to do a lot of this stuff entirely anonymously so as to avoid the censure that might result from everyone knowing just how badly some folks are behaving. It's too bad that we have governments that are, in effect, corporations that benefit corporations and the people who run them. My business-oriented and "rational" friends believe the government is behaving stupidly and can't see a pattern of malice. The data sets are wrong, methinks, typical of many who have swallowed the corporate Kool-Ade. I guess I should go write something of my own. Thanks, Norm.

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  2. I remember a conversation with a wealthy business friend.Told me how important it was that they not pay taxes. Their first priority.Said with no shame whatsoever;the business class as superior beings with special entitlement.

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  3. My god it gets even worse!

    Luigi Aquilini getting one and he is one of Vancouver's greatest slumlords.

    Ken Doebel getting one, Gordo's good pal, chief architect of the Canada Line subway and breathe taking anti-LRT rhetoric and notorious Liberal lobbyist.

    David Emmerson is getting one, the guy who jumped the Liberal ship once elected in Vancouver.

    The bloody thing is a joke, let's abolish the award, as it absolutely means nothing, except it is a political bauble.

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