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What the CEOs Lobbying on the Fiscal Cliff Really Want


Business  (tags: congress, corruption, dishonesty, economy, ethics, government, news, politics, propaganda, republicans, lies, law, society, investors, money, finance )

Robert
- 755 days ago - thenation.com
here is what the nine CEOs tooling around Washington today stand to gain in the fiscal cliff negotiations--how much their company would gain from a territorial tax system, and how much the individual CEO would gain if the Bush rates on top earners are ext



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Comments

Robert Tomlinson (65)
Friday November 30, 2012, 7:09 pm
There is more information on taxable CEO compensation in the story.


Ken Frazier, CEO, Merck & Co.

Merck’s unrepatriated offshore earnings: $44.3 billion

Estimate windfall from territorial tax system: $15.5 billion

Merck’s effective corporate tax rate from 2008-2010 (standard is 35 percent): 11.5 percent

Frazier’s 2011 taxable compensation: $5.4 million

Frazier’s yearly savings if top Bush rates are extended: $237,352

Muhtar Kent, CEO, Coca-Cola

Coca-Cola’s unrepatriated offshore earnings: $23.5 billion

Estimate windfall from territorial tax system: $8.2 billion

Coca-Cola’s effective corporate tax rate from 2008-2010 (standard is 35 percent): 14.1 percent

Kent’s 2011 taxable compensation: n/a

Kent’s yearly savings if top Bush rates are extended: —

Douglas Oberhelman, CEO, Caterpillar Inc.

Caterpillar’s unrepatriated offshore earnings: $13 billion

Estimate windfall from territorial tax system: $4.55 billion

Caterpillar’s 2011 effective corporate tax rate (standard is 35 percent): 25.6 percent

Oberhelman’s 2011 taxable compensation: $10.2 million

Oberhelman’s yearly savings if top Bush rates are extended: $459.851

Marissa Mayer, CEO, Yahoo! Inc.

Yahoo’s unrepatriated offshore earnings: $3.2 billion

Estimate windfall from territorial tax system: $1.12 billion

Yahoo’s three-year effective corporate tax rate from 2008-2010 (standard is 35 percent): 8.7 percent

Mayer’s 2011 taxable compensation: n/a

Mayer’s yearly savings if top Bush rates are extended: —

Thomas Wilson, CEO, Allstate

Allstate’s unrepatriated offshore earnings: $0

Estimate windfall from territorial tax system: $0

Allstate’s 2011 effective corporate tax rate (standard is 35 percent): 17.9 percent

Wilson’s 2011 taxable compensation: $4.1 million

Wilson’s yearly savings if top Bush rates are extended: $175,793

Lloyd Blankfein, CEO, Goldman Sachs

Goldman Sachs’ unrepatriated offshore earnings: $20.6 billion

Estimate windfall from territorial tax system: $3.3 billion

Goldman Sachs’ effective corporate tax rate 2008-2010 (standard is 35 percent) 20.8 percent

Blankfein’s 2011 taxable compensation: $15.6 million

Blankfein’s yearly savings if top Bush rates are extended: $706,104

David Cote, CEO, Honeywell International

Honeywell’s unrepatriated offshore earnings: $8.1 billion

Estimate windfall from territorial tax system: $2.8 billion

Honeywell’s effective corporate tax rate 2008-2010 (standard is 35 percent) -0.7 percent

Cote’s 2011 taxable compensation: $55.2 million

Cote’s yearly savings if top Bush rates are extended: $2.5 million

Mark Bertolini, CEO, Aetna

Aetna’s unrepatriated offshore earnings: $0

Estimate windfall from territorial tax system: $0

Aetna’s effective corporate tax rate 2008-2010 (standard is 35 percent) 28.8 percent

Bertolini’s 2011 taxable compensation: $9.5 million

Cote’s yearly savings if top Bush rates are extended: $423,208

Frank Blake, CEO, Home Depot

Home Depot’s unrepatriated offshore earnings: $2.4 billion

Estimate windfall from territorial tax system: $8.4 million

Home Depot’s effective corporate tax rate 2008-2010 (standard is 35 percent) 35.6

Blake’s 2011 taxable compensation: n/a

Blake’s yearly savings if top Bush rates are extended: n/a

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Notably, none of the corporations represented in Washington today except Home Depot actually paid anything close to the corporate tax rate of 35 percent. Most would benefit handsomely from a territorial tax system, though not all—the interests of these companies don’t always align perfectly. Some, like Honeywell and Yahoo!, wouldn’t gain anything from reductions to Medicare and Social Security—the demands from those CEOs to cut spending on those programs is perhaps nothing more than a cover for their windfalls elsewhere. Others, like Goldman Sachs and Aetna, surely would benefit from a reduction in these programs.

What’s clear, though, is that the sacrifice preached by these CEOs is most certainly one-sided.

CEOs aren’t the only ones with a lot to gain from these negotiations. Lee Fang reports that a congressman heavily involved with the “fiscal cliff” talks has already been hired as a lobbyist.
 

Alice C. (1797)
Friday November 30, 2012, 7:33 pm
Thank you for posting this information ~ shared
 

Michela m. (3955)
Saturday December 1, 2012, 6:56 am
Noted
 

Roger Garin-michaud (115)
Sunday December 2, 2012, 12:50 am
noted, thanks !
 

Michael Kirkby (86)
Sunday December 2, 2012, 3:06 pm
Frankly, all I want is a level playing field and one transparent set of rules that everybody plays by.
 

Gloria picchetti (300)
Sunday December 2, 2012, 3:50 pm
Shared on FB. The GOP & corporate Amerika are such a bunch of Nazies.
 

Robert O. (12)
Tuesday December 4, 2012, 12:45 am
Thank you!
 
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