Boeing has fired its CEO.
He will walk away with:
– Up to $58 million (“exit package”).
– A pension of $807,000 per year.
– Shares worth $13.3 million.
Compare that with a working-class chump who might get a few hundred per month from unemployment insurance…for six months or so.
The game is rigged.
More than 90 large, profitable corporations on the Fortune 500 list effectively did not pay a penny in federal income taxes in 2018, according to a new report published Monday by the Institute on Taxation and Economic Policy.
Richest 1% of Americans Close to Surpassing Wealth of Middle Class
60 of the largest corporations in the United States paid no income taxes for 2018 despite earning a composite $79 billion in net income. Worse, these companies actually received $4.3 billion in tax rebates.
Hedge-Fund Ownership Cost Sears Workers Their Jobs. Now They’re Fighting Back.
Laid-off retail workers are demanding severance,
labor protections—and an end to the Wall Street playbook of owning a
company while hollowing it out.
In 2005, the hedge fund ESL Investments Inc., owned by Eddie Lampert, took over the company. In the 1990s, Sears struggled to keep up with big-box competitors Walmart and Kmart and to compete with online retailers. When Lampert took over, he focused on reducing costs and increasing shareholder returns.
Sears is now defunct, having declared bankruptcy.
This is capitalism at its worst.
Across cable news, the salaries paid to on-air contributors remain shrouded in mystery, ranging by network and by market demand for the contributor’s expertise. But, because at least 10 former Fox News contributors have served in Donald Trump’s administration and been forced to file financial disclosure forms, a window into the network’s payroll has been opened.
Among the eight Trump staffers who were forced to disclose what Fox News paid them to contribute, salaries averaged about $141,000 and ranged from a low of $31,336 for New York socialite Georgette Mosbacher (who serves as ambassador to Poland) to a high of $569,423 for John Bolton, who now serves as Donald Trump’s national security adviser.
“It’s this isolating colony of hell where people having breakdowns is a regular occurrence”
The Daily Beast
The popular video streaming service Netflix posted its largest-ever
U.S. profit in 2018—$845 million—on which it didn’t pay a dime in
federal or state income taxes. In fact, the company reported a $22
million federal income tax rebate.
After a year of speculation and spin, the public is getting its first
hard look at how corporate tax law changes under the Tax Cuts and Jobs
Act affected the tax-paying habits of corporations. The law sharply
reduced the federal corporate rate, expanded some tax breaks and
curtailed others. The new tax law took effect at the beginning of 2018,
which means that companies are just now closing the books on their first
full year under the new rules.
If Netflix’s earnings report is any indication, not much has changed. Many corporations are still able to exploit loopholes and avoid paying the statutory tax rate—only now, that rate is substantially lower.
ITEP (Institute on Taxation and Economic Policy)
Here’s an excellent article by Gwynn Guilford, at Quartz, about the failure of American manufacturers. It focuses largely on the management failures at GM.
” “American companies tend, fundamentally, to mistrust workers,” writes Keller in Rude Awakening. “There is a pervading attitude that ‘if you give them an inch, they’ll take a mile’ because they don’t really want to work. “
More articles by Gwynn Guilford