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Raise Hell

09/01/11

Raise Hell

"Executive Excess 2011: The Massive CEO Rewards for Tax Dodging."

[C]orporate tax dodging has gone so out of control that 25 major U.S. corporations last year paid their chief executives more than they paid Uncle Sam in federal income taxes.

Taxes are a drain on the corporate landscape, making American corporations less competitive and discouraging investment and innovation.

Through magic, however, even greater levels of CEO compensation do not have those deleterious effects on corporate competitiveness. Conservative think tanks, however, contend that mythical excesses in worker salaries though, are evil.

Corporate outlays for CEO compensation — despite the lingering Great Recession — are rising. Employment levels have barely rebounded from their recessionary lows. Top executive pay levels, by contrast, have rebounded nearly all the way back from their pre-recession levels.

This contrast shows up starkly in the 2010 ratio between average worker and average CEO compensation. In 2009, we calculate, major corporate CEOs took home 263 times the pay of America's average workers. Last year, this gap leaped to 325-to-1.

Among the nation's top firms, the S&P 500, CEO pay last year averaged $10,762,304, up 27.8 percent over 2009. Average worker pay in 2010? That finished up at $33,121, up just 3.3 percent over the year before.

What are America's CEOs doing to deserve their latest bountiful rewards? We have no evidence that CEOs are fashioning, with their executive leadership, more effective and efficient enterprises. On the other hand, ample evidence suggests that CEOs and their corporations are expending considerably more energy on avoiding taxes than perhaps ever before — at a time when the federal government desperately needs more revenue to maintain basic services for the American people. This disinvestment also undermines the infrastructure and services that small and large businesses also depend upon.

  11:11:00 am by Ragamuffin, Categories: News

1 comment

Comment from: grygus [Member]
grygus

Workers are cost centers. CEOs make money. It's right here in the handbook.

09/01/11 @ 12:08
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