How much did the CEO of GE get as bonus in the year of 2010 alone? 100 times as much.
Even worse is how much this General Electric company paid in taxes for that same year of 2010. The nation's largest corporation cleared $14.2 billion worldwide that year. Yes, that's cleared - profited - netted - still had left over after all expenses. And $5.1 billion of that profit was earned inside the United States alone.
So how much did GE pay in U.S. taxes on that $5.1 billion in U.S. profit? Not one U.S. cent. That's right - nothing.
Making it even more sarcastic, General Electric claimed a tax benefit of $3.2 billion for that same year.
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Some folks have responded to my recent posting on this same subject (the execs at 6 banks receiving $143 billion in bonuses in just one year, which is equivalent to roughly 3 million middle-class annual incomes) argumentatively. As if my intention was to say those banks should have used that money to hire people, even though (those objectors claim) there was no work for them to begin with.
My complaint is actually that these institutions - and GE, too - give exorbitant money to just their executives, while the regular working class gets nothing. They pay nothing in taxes, either. And how can those companies expect us consumers to pay so much for their products and services (the money from which only goes to those handful of executives, apparently) while we get nothing in income ourselves? (And still pay our own taxes, too?)
And wasn't it escape from that same plutocratic oppression that was used as a founding principle of our country?
But now we've got so many politicians (especially the freako Ron Paul) promoting that same concept.
(read about one ongoing protest to the current corporate tax situation HERE)