Last year, twenty-five CEOs of some of the top corporations in the U.S. stuffed more cash in their pockets than their companies paid in taxes. That sounds ridiculous, right? Well, that's the takeaway of the Institute for Policy Studies' (IPS) Labor Day report, Executive Excess 2011: Massive CEO Rewards for Tax Dodging, and it's no joke.
Workers' incomes are plummeting, and families are being forced by thoughtless right-wing policymakers to endure economic hardships resulting from a lack of revenue to fund public programs. Meanwhile, corporate profits have reached a historic high relative to total national income.
Of course, corporate custom calls for spoils to those who fatten the profit margin, regardless of how many millions of people get squashed in the process. The Other 98% action network produced an infographic highlighting some of the chief culprits of tax dodging and excessive pay.
Co-author of the report (and co-founder of UFE), Chuck Collins, appeared on Democracy Now! to share what was fantastic news for Corporate America, but just another low blow for the rest of us.
Want to fight back? Call your federal officials and demand that they support the Stop Tax Havens Abuse Act (S.1346 / H.R.2669). This bill would slow the shipping of jobs and profits overseas, and would generate an additional $100 billion in federal revenue. Check out the report for other policy proposals that will help to prevent corporations from siphoning more jobs and more revenue from our country.