Leo Gerard, president of the United Steelworkers International union, writes about a Institute for Policy Studies report called Fleecing Uncle Sam. One of the most eyebrow-raising details is this:
Of America's 100 top-paid CEOs, 29 worked schemes that enabled them to collect more in compensation than their corporations paid in income taxes. The average pay for these 29: $32 million. For one year.
And from the report:
All seven of these firms were highly profitable, collectively reporting more than $74 billion in U.S. pre-tax profits. However, they received a combined total of $1.9 billion in refunds from the IRS, giving them an effective tax rate of negative 2.5 percent.
The seven CEOs leading these tax-dodging corporations were paid $17.3 million on average in 2013. Boeing and Ford Motors both paid their CEOs more than $23 million last year while receiving large tax refunds.
Agreed. And the depressing thing is the incoming Congressional class is the least likely to do anything about it in the history of Congress.