Compensation for senior bosses at firms from Tesla to T-Mobile US worth more than those companies’ net tax payments, study finds

Archived version: https://archive.ph/DYWEI

  • givesomefucks@lemmy.world
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    8 months ago

    Super depressing fact:

    CEO wages are tax deductible.

    It shouldn’t be, but good luck convincing republicans and neoliberals that.

    • psvrh@lemmy.ca
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      8 months ago

      In fairness, all wages are a business expense, and in theory, personal income taxes should catch this.

      The problem is that we don’t tax the rich enough, and as a result our tax code encourages cash hoarding.

      • BakerBagel
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        8 months ago

        Businesses have to match the taxes that employees pay. If i make $50,000 a year and owe $10,000 in taxes, my employer also owes $10,000 too. So if my company is paying taxes on my wages, why are the CEO’s wages tax deductible?

        • SugarSnack@lemm.ee
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          8 months ago

          All wages (whether you’re the janitor or CEO) reduce a company’s profits, which means lower corporation tax. You are talking about payroll taxes, which are a different thing.

  • hemko@lemmy.dbzer0.com
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    8 months ago

    Analysis by Americans for Tax Fairness (ATF) and the Institute for Policy Studies (IPS) found the collective net federal income tax bill of all 35 companies was negative $1.72bn over the five-year stretch – meaning they collectively received more money back from the government in refunds than they paid.

    Yeah

  • psmgx@lemmy.world
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    8 months ago

    Many large corps paid $0 in taxes, so by default they’d be paying pretty much anyone more than they paid in taxes

  • Varyk@sh.itjust.works
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    8 months ago

    Good article. Apparently many CEOs were paid millions of dollars, which is much more than the zero taxes many American companies pay.