Elon Musk, CEO of Tesla and X, speaks to reporters as he leaves the “AI Insight Forum” at the Russell Senate Office Building on Capitol Hill, on September 13, 2023, in Washington, D.C.In his State of the Union address, President Biden called out “massive executive pay” and vowed to “make big corporations and the very wealthy finally pay their share” of taxes.
Tesla is perhaps the most dramatic example. Over the period 2018-2022, the electric car maker raked in $4.4 billion in profits but paidwe co-authored for the Institute for Policy Studies and Americans for Tax Fairness analyzes executive pay data for some of the country’s most notorious corporate tax dodgers.
Another 29 profitable corporations paid their top executives more than they paid Uncle Sam in at least two of the five years of the study period.its executives played in the 2008 financial crisis: American International Group. Back then, the insurance giant ignited a firestorm by pocketing ain bonuses to the very same executives responsible for pushing the company — and the nation — to the brink of collapse.
Lavish executive compensation packages and skimpy corporate tax payments are not unrelated. Executives have a huge personal incentive to hire armies of lobbyists to push for corporate tax cuts because the windfalls from these cuts often wind up in their own pockets.
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