by Gaius Publius
on 9/03/2011 07:15:00 PM
As the nation struggles with a stagnant economy, President Barack Obama has preached overhauling the U.S. tax code to spur economic growth. But as he gears up for what looks to be a tough reelection campaign, the president has surrounded himself with the current loophole-riddled system's prime offenders: corporate executives whose companies have profited off of those loopholes while reaping millions for themselves.
Institute for Policy Studies, a liberal think tank, named in a new report 25 major American corporations whose CEOs were paid more last year than their firm's total U.S. income tax bill. Of those business elites, 10 have substantive ties to Obama -- including some who have official economic policy advisory positions in his administration -- according to a HuffPost analysis of the report.
All told, these 10 CEOs with Obama connections brought in over $158 million for themselves last year. Their companies' federal tax bill, however, was a combined net benefit of $5.4 billion -- meaning the federal government actually owed these companies billions of dollars. Eight of the 10 firms not only did not pay taxes; they received large refunds. The 10 companies scored combined U.S. profits of $26.8 billion.There's more in the article; it's a fascinating read. (Zach Carter, by the way, is one of the intrepid reporters behind this stunning revelation.)
A note on branding: Guys, branding isn't just something you do; it's something that's done to you by your actions. You are branded by your deeds. There's only so much a mega-dollar ad campaign can do to offset constant billionaire-friendly behavior.
Just wanted to say that.
Note To Mod: I suspect it is time to change the above tag to global financial trainwreck of 2007-2012.