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.
How to Save Money on Your Social Security Taxes
Most people look forward to the day when they start to receive the rewards for putting all their hard-earned money over the years into social security. However, some people end up with a lot less than they had planned on because they end up paying more taxes on those benefits than they had expected.…
How Each Presidential Candidate Plans to Handle Corporate Taxes
If you follow this blog then you know that corporate taxes are a regular topic discussed in this space. A couple weeks ago we shared some comments from Disney Chief Bob Iger regarding the country’s corporate tax policies. This is a topic that continues to get a lot of airtime in the media as…
Keep Your Small Business’s Taxes Small as Well
Keep Your Small Business’s Taxes Small as Well Small Business Owner Do you run a small business? Are your hands always full, or perhaps overflowing? Small business owners never run out of things to do, which means that sometimes certain things get overlooked or put on the back burner, including taxes. Unfortunately, you can’t really…
Disney and the Not-So-Wonderful World of Taxes
Disneyland is often referred to as the happiest place on earth, but according to the Disney Company’s CEO, Robert Iger, the U.S. tax system and policies are putting a real damper on all the fun. According to a recent report from CNNMoney, Mr. Iger told the news outlet that the country’s corporate tax rates…