Obama’s Job Creation Advisor Creates Jobs - In China
Today, the prestigious business publication Forbes published an article: Study Says 25 Corporate 'Tax-Dodgers' Pay CEOs More Than Uncle Sam.
In tax dodging, no one excels the CEO Jeffrey Immelt, who earned a $3.3 billion tax refund for GE in 2010; however, his compensation was a paltry sum of $15.2 million! Compare that with the compensation of the Aon Corporation CEO, Gregory Case, whose compensation was $20.8 million after his company paid $16 million in Federal income taxes.
The Institute for Policy Studies, that studied the federal income taxes paid by the S&P 500 companies with the 100 highest CEO salaries, summed it up like this: Our 25 hyperactive tax-dodging corporations employed a variety of avoidance techniques. Not all of these techniques are nefarious. Some corporate tax breaks can have redeeming social value. Incentives that encourage our economic transition to a green energy economy offer one example of these beneficial breaks. But such incentives as these play only a minor role. The lion's share of tax breaks reward corporate behaviors — from "offshoring" to accelerated depreciation — that are of questionable value to society, especially over the long term.
Accordingly, the GE CEO is the smartest in tax dodging, but cheapest in compensation to benefit ratio. Perhaps that is why, in January of this year, Barack Obama had picked Jeff Immelt as the head of a Council on Jobs and Competitiveness, with the sole purpose of creating jobs in the USA. Making that announcement Obama had said, “Our job is to do everything we can to ensure that businesses can take root, and folks can find good jobs. We’re going to build stuff, and invent stuff.”
At the time The Huffington Post had commented, “Immelt's firm stands as Exhibit A of a successful and profitable corporate America standing at the forefront of the recovery. It also represents the archetypal company that's hoarding cash, sending jobs overseas, relying on taxpayer bailouts and paying less taxes than envisioned.”Continued on the next page