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.
When it Comes to Payroll Taxes, Don’t Mess With the IRS
When it Comes to Payroll Taxes, Don’t Mess With the IRS It’s payday! Everybody loves payday, except for the company making all those payments. It’s not that companies don’t want to pay their employees; rather it’s the high cost of payroll taxes that comes with having those employees. However, that’s the law, so if your…
Ten Facts about Capital Gains and Losses
Ten Facts about Capital Gains and Losses Source: IRS.gov The term “capital asset” for tax purposes applies to almost everything you own and use for personal or investment purposes. A capital gain or loss occurs when you sell a capital asset. Here are 10 facts from the IRS on capital gains and losses: Almost everything…
Ten Ways to Involve Your Children in Philanthropy
Ten Ways to Involve Your Children in Philanthropy Derek Ferriera and Martin Johnson Updated: 5/23/2013 Through your own philanthropic generosity—whether volunteering, supporting a charity as a benefactor, attending fundraisers or setting up a family foundation—you are educating your children about your values and teaching them to be generous. While you may identify your philanthropic values…
Business Law | Gautam Dutta
Business Law | Gautam Dutta Transcription: Announcer 0:00 Welcome to American Dreams keys to success with your host, Alan Olsen. Alan 0:06 Welcome back. We’re here today visiting with Gautam Dutta. And formerly an SEC attorney practicing law here in the Bay Area. And we’re talking about your days at the SEC. And during the…