You've been robbed of your job, not by illegals, but by greedy corporations. Did you know you deserve a raise? Did you know you should be paid double your current salary? You should also receive benefits -- medical, dental, vision, vacation and 401K pay.
The reason you don't is because you've been robbed! In 1965, U.S. CEOs in major companies earned 24 times more than an average worker. This ratio grew to 35 in 1978 and to 71 in 1989. [i] It had raised to 243 to 1 in 2010, according to MLive contributor, Jennie L. Phipps. Worker data comes from the Bureau of Labor Statistics, but the executive pay data is less reliable. It is derived and extrapolated from 1992 to 2005 data from a Wall Street Journal/William M. Mercer survey of the compensation of CEOs of 350 unnamed industrial and service companies. [ii] While CEO's pay and bonuses continue to rise, the workers' pay has stagnated and has not even kept up with inflation.
Fact: Corporations contribute millions of dollars a year to Congress to keep this inequality in effect.
Fact: Corporations move our jobs overseas to take advantage of slave labor wages, lax environmental laws and no taxes. Yes, no taxes! "Free trade" allows giant multinational corporations to pay zero taxes overseas and zero taxes in America. In 2010, corporate giant GE made a profit of $14.2 billion but it paid not a penny in taxes because the bulk of those profits, some $9 billion, were offshore. In fact, GE got a $3.2 billion tax benefit. [iii]
While I am not in favor of taxes or in raising taxes, there is no sane reason why GE should pay fewer taxes than you and I. As a matter of fact, if GE and other large corporations paid their fair share, you and I could:
- Pay half of what we now pay in taxes
- There would be no more state and federal deficits
- Ford Motor Company
- Delta Air Lines
- Northwest Airlines
- Chemical New York Corp.
- Manufactures Hanover Corp.
- Western Electric Co. (a subsidiary of American Telephone & Telegraph Co.)
- Bethlehem Steel Corp.
- Lockheed Aircraft Corp.
- National Steel Corp.
- Phelps Dodge Corp.
- Freeport Minerals Co.
In 1975, the nation's 148 largest corporations paid $20 billion in taxes to foreign governments but only half of that, $10 billion, to the US government.
The eight largest banks in the nation all showed a profit for the year but none paid taxes. Ford Motor Company, by taking advantage of foreign tax credits and investment tax credits, not only was able to avoid paying US income tax for 1974 and 1975, but also actually received a $189 million refund for those years at the taxpayers' expense.
The 2008-2010 report reveals:
Pepco Holdings, a Washington, D.C.-area power company, had the lowest effective tax rate, at negative 57.6 percent, among the 280 Fortune 500 companies studied.
General Electric Co, Paccar Inc., PG&E Corp, Computer Sciences Corp and NiSource Inc. as among the 30 that paid no taxes. All 280 corporations examined were profitable over the period.
[Tax] breaks cost the government about $102 billion in lost revenues in 2011, a year when the federal deficit was an estimated $1.3 trillion.
Power group Duke Energy Corp was one of the 30 companies listed as paying no income taxes in 2008-2010.
Seventy-eight of the 280 companies paid zero or less in federal income taxes in at least one year from 2008 to 2010. Twenty-five of these companies enjoyed multiple no-tax years, bringing the total number of no-tax years to 108. In the years they paid no income tax, these companies earned $156 billion in pretax U.S. profits. But instead of paying $55 billion in income taxes as the 35 percent corporate tax rate seems to require, these companies generated so many excess tax breaks that they reported negative taxes (often receiving outright tax rebate checks from the U.S. Treasury), totaling $21.8 billion. These companies' "negative tax rates" mean that they made more after taxes than before taxes in those no-tax years.