According to USA Today “Median CEO pay jumped 27% in 2010 as executive’s compensation started working its way back to prerecession levels.” Who do you think is paying for that? We are! These corporate CEOs raise prices on their products and we pay for it when we buy their products. It’s the new Corporate Tax and WE THE PEOPLE pay for it several times over! In the mean time, at least 2/3 of US Corporations pay ZERO federal taxes.
Bank of America hasn’t paid any federal income taxes for the past two years and took in an additional $1 billion in tax “benefits.” They’re reaping these profits after accepting $45 billion from taxpayers in the bailout, which the company then got to count as a deduction when they paid back the money. Not to mention the $2.2 Million they paid as campaign contributions and PACs. In other words, buying the politicians.
The same goes for GE. They too paid no federal income taxes last year and got money refunded from the government. In fact, Jeffrey Immelt, CEO of GE, one of the great job destroying corporations, was appointed by President Obama as head of his jobs panel. What an outrageous insult to Americans and the world. To say I’m disappointed is an understatement.
What surprises me most is the opinion being sold to us that corporations need to have their taxes lowered because high corporate taxes here in the U.S. are causing corporations to go find cheaper places outside the U.S. to 'live'. No mention is made whatsoever of the incredible loopholes for these corporations, many of which allowed them to take these write offs and then get money refunded from our government (again, which we pay for). These corporations should be taxed to help balance our budget and shore up the shortfalls of Medicare and Social Security.
