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Scheming Corporate Executives Overpaid, Undertaxed

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Corporate CEOs Caught Scheming on Tape

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Corporate Executives Overpaid, Undertaxed

In today’s mad world, underpaid workers are bailing out banks and corporations run by overpaid, undertaxed bosses who milked their companies and our country like cash cows.

While workers across America were losing jobs, homes and health insurance, Merrill Lynch paid nearly 700 employees more than $1 million each in bonuses last year, amounting to a $3.6 billion bonus bonanza while Merrill lost $27 billion.

Workers have been sacrificing for years. Average worker paychecks are worth less now than in 1973, but CEOs and other rich Americans not only make much more, they pay less in taxes.

Average full-time workers made $41,198 in 1973 and $37,606 in 2008, adjusted for inflation.

CEOs made 45 times as much as workers in 1973 and more than 300 times as much as workers now. The top tax rate was 70% in 1973 and just 35% now; taxpayers pay the top rate on the portion of taxable income that falls within the highest bracket and pay lower rate s on income below that. The top rate for capital gains on the sale of stock and other assets was 36.5% in 1973 and 15% now. –more–

Written by morris

February 18, 2009 at 11:47 pm

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