December 2, 2014 400 Richest Americans Paid Same Effective Tax Rate as a Family Earning $105,000 The 400 Americans with the highest incomes paid roughly 18 percent of their earnings in federal income taxes in 2010, down from just under 20 percent in 2009, according to the Internal Revenue Service. Of the 400 elite taxpayers in 2010, 37 paid an effective tax rate of less than 10 percent. Read more. Fleecing Uncle Sam: A growing number of corporations spends more on executive compensation than federal income taxes Of America’s 30 largest corporations, seven paid their CEOs more last year than they paid in federal income taxes. For corporations to reward one individual, no matter how talented, more than they are contributing to the cost of all the public services needed for business success reflects the deep flaws in our corporate tax system. Rather than more tax breaks, Congress should focus on addressing these deep flaws by cracking down on the use of tax havens, eliminating wasteful corporate subsidies, and closing loopholes that encourage excessive executive compensation. Read more. Verizon Disputes Our Report Without Backing Up Its Claims In November, the Center for Effective Government and the Institute for Policy Studies co-published Fleecing Uncle Sam, which examined large corporations that paid their CEOs more than they paid in federal corporate income taxes. The report generated widespread media coverage and significant corporate backlash. Verizon was one of the corporations that challenged the veracity of our reporting. We examined Verizon's claims. Read more. Here’s the First Company to Ever Disclose CEO-to-Worker Pay Ratio While Citing the Dodd-Frank Act The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 required companies to begin disclosing the pay ratio between CEOs and the median pay of company employees. Four years of struggle ensued, with many corporations arguing the disclosure would be costly, if it could be done at all. Noble Energy, a Texas-based oil and gas producer became the first public company to report its CEO-to-worker pay ratio, citing the forthcoming requirements of Dodd-Frank. Read more. In the News: Corporate tax breaks come at the cost of the country's future Center for Effective Government op-ed in the Baltimore Sun Social Media Shareables: To celebrate Giving Tuesday, a generous Center for Effective Government Board member will match all gifts of $50 or more, up to a goal of $2,500! If you donate $50 today, $100 will be available to CEG to continue our work to protect our health and safety and create a better quality of life for all Americans. Click here to donate. |
Tuesday, December 2, 2014
Center for Effective Government: Corporate tax breaks come at the cost of the country's future, Fleecing Uncle Sam: A growing number of corporations spends more on executive compensation than federal income taxes
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