- cross-posted to:
- enoughmuskspam@lemmy.world
- cross-posted to:
- enoughmuskspam@lemmy.world
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
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Super depressing fact:
CEO wages are tax deductible.
It shouldn’t be, but good luck convincing republicans and neoliberals that.
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.
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?
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.
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
Many large corps paid $0 in taxes, so by default they’d be paying pretty much anyone more than they paid in taxes
Good article. Apparently many CEOs were paid millions of dollars, which is much more than the zero taxes many American companies pay.
