Companies paid top executives more than they paid in US taxes – report
Compensation for senior bosses at firms from Tesla to T-Mobile US worth more than those companies’ net tax payments, study finds
Archived version: https://archive.ph/DYWEI
https://www.theguardian.com/business/2024/mar/13/top-us-executives-salaries-versus-tax-paymentsOpen linkView original on lemmy.zip340
Comments7
Super depressing fact:
CEO wages are tax deductible.
It shouldn't be, but good luck convincing republicans and neoliberals that.
In fairness, all wages are a business expense, and in theory, personal income taxes should catch this.
The problem is that we don't tax the rich enough, and as a result our tax code encourages cash hoarding.
Businesses have to match the taxes that employees pay. If i make $50,000 a year and owe $10,000 in taxes, my employer also owes $10,000 too. So if my company is paying taxes on my wages, why are the CEO's wages tax deductible?
All wages (whether you're the janitor or CEO) reduce a company's profits, which means lower corporation tax. You are talking about payroll taxes, which are a different thing.
Yeah
Many large corps paid $0 in taxes, so by default they'd be paying pretty much anyone more than they paid in taxes
Good article. Apparently many CEOs were paid millions of dollars, which is much more than the zero taxes many American companies pay.