Is Corporate America Getting Away With Too Little Tax?

Money,,Financial,,Business,Growth,Concept,,Miniature,Figures,Businessmen,Stand,On

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.

Posted in ,

Do You Owe Money To The IRS?

The vast majority of Americans get a tax refund from the IRS each spring, but what do you do if you are one of those who have received a tax bill? What do you do if you owe money to the IRS and can’t pay? The IRS encourages you to pay the full amount of…

How Some Big Companies Are Maximizing Their Tax Benefit

How Some Big Companies Are Maximizing Their Tax Benefit

How Some Big Companies Are Maximizing Their Tax Benefit There’s no question that the IRS is always looking for ways to get every penny they can from the nation’s taxpayers, whether they be individuals or businesses. On the other hand, many are also doing whatever they can to pay as little as possible, some, even…

Federal Government Still Facing Huge Deficit

Federal Government Still Facing Huge Deficit

Federal Government Still Facing Huge Deficit Does it seem like no matter how much money the federal government collects in tax revenue, they will still never have enough? For a lot of people the, answer is a resounding “yes.” The country’s Monthly Treasury Statement lends even more credence to that belief.  What does the Treasury…

The IRS is Not a Bully – You can poke a bully in the nose.

The IRS is Not a Bully You can poke a bully in the nose. This is the third installment of “The IRS is Not a Bully” series, identifying taxpayer concerns and the difficult position in which Congress puts the IRS. Namely, applying ever increasing pressure to operate in ways its founders never intended, until it’s…