Some U.S. firms paid more to CEOs than taxes

[el_em_en_oh]

(Reuters) - Twenty-five of the 100 highest paid U.S. CEOs earned more last year than their companies paid in federal income tax, a pay study said on Wednesday.

FULL ARTICLE:
http://www.reuters.com/article/2011/08/31/us-usa-tax-ceopay-idUSTRE77U0KW20110831

[MrsPincince]

Ok I get it. Flat rate makes sense. I guess the question is what is the amount that is "not too high"?

[brice1967]

I'd suggest that a flat tax would abolish the loop holes.... Wouldn't it be interesting to get a print out of how much money you paid in federal and state taxes and then shown where every penny went?

[teko]

Well yes bb I agree, but the problem is some of us are taxed to death while others dont pay much if any at all. Middle class seems to foot the bill for all.

[bbxx]

Thats just it...we are taxed to death.

[teko]

The tax code needs an overhaul for sure but would probably work just fine if they did away with the loopholes, cuts and breaks on top of it all. I have no problem with a flat tax. I would like to know what the actual amount is that we pay in taxes all year. Federal and State. Your taxed on everything, absolutely everything.

[bbxx]

Ten percent is too high.

[brice1967]

$15,000 at a taxable rate of 10% = $1,500 in taxes paid
$75,000 at a taxable rate of 10% = $7,500 in taxes paid
$150,000 at a taxable rate of 10% =$15,000 in taxes paid
$1,000,000 at a taxable rate of 10% = $100,000 in taxes paid

If a person only mad $1,500 a year at a particular job... 10% of that is $150

[el_em_en_oh]

A tiered tax rate is what we have now...

All I'm saying, is that EVERYONE, no matter how much you make, should pay the same relative percentage.

If you make $75,000/yr, you pay 10%.
If you make $500,000/yr, you pay 10%
If you make $20,000,000/yr, you pay 10%

Everyone pays the same relative tax rate... tada, flat-tax.

I think some smart economist at some point figured that if everyone paid 12%, that it would solve ALL our financial woes. I'm not sure if that's a good number anymore, but it can't be too far off.

And I'm not sure I get what you're saying about a typical middle class family that makes a combined income of $75,000/yr not being able to afford the same as a family making $500,000/yr.

Are you saying that a family that makes $500K/yr should be penalized, and have to pay MORE of their income, than the $75K/yr family?

If that's what you're saying, then the flat-tax isn't for you, and we're right back at your "tiered tax rate", which is what we currently have.

[brice1967]

I have liked the flat tax idea ever since I've heard of it.  If it were tiered, it wouldn't be flat.  7-10% across the board, everyone.  From the guy making 15k to the guy making millions or billions. No loop holes, no exceptions.... except me of course, and I would spend that money fishing.  That is a promise, and I approve this message.

[teko]

And we are surprised? But I thought they paid all them there taxes to the point of needing those tax cuts? And it went to bonuses......Im crushed.

[MrsPincince]

I agree and disagree with the flat tax rate. It should be in tiers. JMO..I mean what about the typical middle class family that makes a combined 75,000.00 a yr. They can't afford to pay the same tax as someone who makes 500,000.00 a yr or more. I mean I guess they can but they'd have less in their pockets to live on. I think It should be tiered flat rate and once established shouldn't change. Am I way off base here or does it sound somewhat logical?

[el_em_en_oh]

I will add one thing...

If we want to do anything meaningful about taxes, we desparately need a flat individual tax rate whereby everybody, no matter what their income is, pays at the same rate for earned and realized investment income. This would not only be fair but would also close so many loopholes and vastly reduce tax management expenses for individuals and the IRS. The only exception I can imagine would be for people with earned and investment income below the poverty level.

The other action that is basic to bringing jobs and tax revenue back to America is to reduce the corporate tax rate from 35% to at most 20%. We have, by far, the highest corporate tax rate in the world and that is a key motivator for businesses, large and small, to move profit centers and manufacturing off-shore.

If we continue to vilify and punish business and industry in this country, we will certainly continue to see dimishment of the quantity and quality of jobs available in the US.

~My name is LMNO, and I approve of this message~

[el_em_en_oh]

And to think, the US has a deficit.

Remarkable, isnt it?

Boeing, a company that makes 3 billion in profit every year, only pays 13 million in taxes?

WTF?

*Please try and refrain from bashing the Right. I'm as incensed by this as you are...