Is Corporate America Getting Away With Too Little Tax?
It’s an argument that’s all too common in the business world: big multi-national companies don’t pay their fair share of taxes. A new study will only serve to add more fuel to the fire, as according to its findings, seven of the 30 biggest companies in the United States reportedly paid more to their CEOs in 2013 than they did in taxes.
The Companies
The seven companies who showed up on the list included Ford, Verizon, Boeing, General Motors, Citigroup, Chevron and JPMorgan Chase & Co. According to the study, which was conducted by the Institute for Policy Studies and the Center for Effective Government, the average CEO salary for each of these seven companies was $17.3 million.
The Other Side of the Story
However, not all of these companies agree with the numbers. For its part Verizon refutes the claim that it paid more to its CEO than it did in income taxes. The company issued a statement claiming that its total income tax bill in 2013 was $422 million. The company did not disclose a breakdown between state and federal amounts, but it did state that its CEO made much less than what it paid in federal income tax.
More Debate
All of the companies, except JPMorgan Chase, have had some kind of response to the study, and each of the companies have stressed that they abide by all tax laws and regulations, both here and abroad.
Replacing The Rainmaker | Ian Tonks
About Ian Tonks Ian Tonks is a business development consultant and author of the book “Replacing the Rainmaker.” He provides coaching and consulting services to accounting firms, helping them implement practices to ensure their long-term business development success. Interview Transcript: Alan Welcome back. I’m here today with Ian Tonks. He’s author of the book…
Creating a Meaningful Life | Wally Hawley
About Wally Hawley Wally Hawley is a co-founder of InterWest Partners (1979), one of the larger venture capital partnerships in the United States, formed to make equity investments in diversified U.S. growth companies. His prior experience includes seven years as President of SHV North America Holding Corp., a wholly owned subsidiary of a Netherlands…
Liberal Arts in the 21st Century | Reed Wilcox
About Reed Wilcox Reed Wilcox is president of Southern Virginia University. He previously served as co-founder and chief development officer, and currently serves on the board of directors of Clene Nanomedicine, a science-based company with proprietary technology integrating nanotechnology, advanced materials science, plasma physics, and biotechnology. Clene’s proprietary nanomedicine technology is a new form of…
Making a Difference | Sharlene Wells Hawkes
About Sharlene Wells Hawkes Sharlene Hawkes was previously VP of Communications with Monarch Health Sciences where she was responsible for all corporate brand communications. Additionally, she was one of the first women to work for ESPN and worked as an award-winning sportscaster nearly 15 years, covering such events as World Cup Soccer, the Kentucky…