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 Become a More Decisive Leader
How to become a more decisive leader? Have you ever been faced with a choice that was so difficult you couldn’t make a decision? Being indecisive can be highly detrimental in the workplace, especially for leaders. Sometimes indecisiveness can be even worse than making the wrong choice. So what can you do to be a…
How to Make Your Retirement Savings last Longer
How to Make Your Retirement Savings last Longer How’s your retirement nest egg looking these days? Whatever your situation: already living off your retirement savings, still a few years away, or you’re just getting started on that nest egg, planning and saving for retirement is very important. But once you have that nest egg saved…
Want to Keep Your Passport – Pay Your Tax Debt
Want to Keep Your Passport – Pay Your Tax Debt. Are you planning an exciting vacation abroad any time soon, or an important overseas business trip? Before you leave the country, you better make sure you don’t owe any back taxes. The IRS recently reminded taxpayers that if they have a tax debt of greater…
Trust Your Tax Return to the Professionals
A question millions of US citizens annually ask themselves prior to April 15th. Should you DIY or trust your tax return to the professionals? Every year many thousands of modest, honest and hardworking US citizens discover they owe the IRS still more money upon completion of their tax returns. It’s a lousy feeling. Now imagine,…