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A new study reveals a staggering number of companies pay their CEOs more than they pay in taxes.
Corporations pay their CEOs extravagantly while trying to cheat on taxes.
It would be one thing if, alongside the exorbitant executive pay, the quality of American CEO-ing was going up. But these executives are making off with bigger bags of boodle despite their persistent incompetence: Media executives keep running their businesses into the ground, tech firms are laying people off because of vibes, the planes keep nearly crashing, and examples of insane eye-popping greed—like Rite-Aid’s decision to claw back severance paid out to laid-off workers on the same day they handed their CEO a $20 million bonus—keep on coming. So it may come as no surprise that there’s a robust connection between the overindulged CEOs and the firms that are most flagrantly dodging their fair share of taxes. For a report released Wednesday, the Institute for Policy Studies teamed up with Americans for Tax Fairness to spelunk into the balance sheets at some of America’s best-known tax scofflaws between 2018 and 2022. What they found was pretty consistent: The firms took home high profits and lavished their top executives with exorbitant pay, all while stiffing Uncle Sam. The excess is stunning. “For over half (35) of these corporations,” the study reports, “their payouts to top corporate brass over that entire span exceeded their net tax payments.” An additional 29 firms managed this feat for “at least two of the five years in the study period.” Eighteen firms paid a grand total of zero dollars during that five-year span, 17 of which were given tax refunds. All in all, the 64 companies in the report “posted cumulative pre-tax domestic profits of $657 billion” during the study period, but “paid an average effective federal tax rate of just 2.8 percent (the statutory rate is 21 percent) while paying their executives over $15 billion.” Which firms are the worst of the worst? You can probably guess the company that tops the list because it’s the one run by The New Republic’s 2023 Scoundrel of the Year. During the five years of the study, Tesla took home $4.4 billion in profits as CEO Elon Musk carted off $2.28 billion in stock options, which, since his 2018 payday, have ballooned to nearly $56 billion—a compensation plan so outlandish that the Delaware Court of Chancery canceled it. Tesla has, during that same period of time, paid an effective tax rate of zero percent through a combination of carrying forward losses from unprofitable years and good old-fashioned offshore tax dodging.
Elon Musk is either the world's richest or second richest person. But he still wants more. Give him credit for pathological greed.
In all fairness, Musk is not alone when it comes to enriching himself while screwing workers.
What sort of innovations have these CEOs wrought from this well-remunerated period? T-Mobile’s Mike Sievert presided over the Sprint merger that led to $23.6 million in stock buybacks and 5,000 layoffs. Netflix’s Reed Hastings poured $15 billion in profit into jacking up subscription rates. Nextera Energy has devoted $10 million in dark money in a “ghost candidate scheme” to thwart climate change candidates. Darden Restaurants has been fighting efforts to raise the minimum wage. Metlife has been diverting government money meant to fund low-cost housing into other, unrelated buckraking ventures. And some First Energy executives from the study period are embroiled in a corruption scandal that’s so massive that even Musk might find it to be beyond the pale.
These oligarchs are going to spend lavishly to elect Republicans who would give them even bigger tax breaks.
Fortunately, they can't literally buy votes. If we return to old school grassroots precinct work then we can thwart the MAGA Republican puppets of billionaire oligarchs.
One to one contact is a more important factor than TV or online ads in convincing people to vote your way. It takes more effort, but democracy was not built by slacktivism in the first place.
The energy
Road to nowhere
Ohio Gov. Mike DeWine's office has said for months that connections between Sam Randazzo and FirstEnergy were well-known when he picked him
Unplugged oil and gas wells accelerate climate change, threaten public health and risk hitting taxpayers’ pocketbooks. ProPublica and Capita
Will First Energy Electric Rates Double?
New Post has been published on https://www.ohenergyratings.com/blog/will-first-energy-electric-rates-double/
Will First Energy Electric Rates Double?
First Energy Auctions Affect Next Year’s Rates
What can you do if your First Energy bill doubles? With their PTC rates set to skyrocket in June, 2023, find out what you can do to avoid high electricity bills.
In early October, First Energy purchased its electricity supply for next year at double the current price. This massive spike in wholesale electricity may sound trivial when you’re talking about pennies. However, it can have a huge impact on your bills beginning in June next year. How will this increase affect you further? Will First Energy electric rates double?
Why Are Auction Prices So High?
The wholesale price of electricity comes down to a number of factors, mostly fuel related. This past year has seen brutal natural gas prices. The price of coal is also rising, albeit, slower. Both of these fuels make up the majority of Ohio’s energy production. Coupled with recession fears, some might think customers could face higher energy bills this summer. But, maybe not.
PUCO Apologizes To Customers For Auction Price
The October 4 auction only accounts for about one-third of the electricity First Energy will start using on June, 2023. With two-thirds unsold, First Energy plans to auction one in January, 2023, and the other at a later date. For that reason, PUCO actually apologized for approving the sale price. That’s because high natural gas prices and lack of spread-out power auctions cut back PUCO’s choices.
To be sure, the situation seems scary. Both the looming specters of high natural gas prices and inflation have scared off certainty about next year’s energy prices. And true, utility companies will raise PTC rates to pay their own massive bills from current contract prices. But, just because this auction ended with high prices doesn’t mean Ohio’s retail electricity companies will also raise rates next year. The big reason is the EIA’s STEO predicts increased US natural gas production next year could lower prices.
Lower Your First Energy Electricity Bills Now
While First Energy’s rates probably won’t double, they likely will rise. So, it’s good idea to save money by reducing your electricity usage. But most importantly, now’s the time to lock in a fixed rate plan. A fixed rate plan can protect your family from energy price spikes during winter. Be sure to check out the tons of great plans over at www.ohenergyratings.com
Is Your Ohio Edison Bill Too High?
New Post has been published on https://www.ohenergyratings.com/blog/is-your-ohio-edison-bill-too-high/
Is Your Ohio Edison Bill Too High?
Beat The Heat With These Tricks
If your cooling costs are sending your Ohio Edison bill through the roof, your attic could be to blame! Find out how to tame that fiery monster in your attic and save more!
Temperatures are soaring right now, with weather outlooks predicting above average normals for August and October. That means your air conditioner could be running almost nonstop! So how do you beat the heat without driving your Ohio Edison electric bill through the roof? Check out these tips to help keep you cool!
Let’s Talk About The Fiery Monster In Your Attic
If your cooling costs are going through the roof, it could be your attic’s fault. Properly insulating your attic space can help keep your home cooler by providing a thermal barrier between your living space and the giant heat shield that is your roof. It’s time to brush up on those Laws of Thermodynamics! We’ve heard that heated air rises. But heat energy also moves towards cold until there isn’t a temperature difference. This effect is called thermal equilibrium. So, the heat from your attic moves downwards into your cooler living space. Consequently, if you don’t have a thermal barrier, all that heat in your attic will just make the rest of your home hotter. The bonus to adding insulation: it works both ways. During the winter when it gets cold outside, your heat stays inside. So, you can save on heating costs as well.
Shutting Off Rooms And Your Ohio Edison Bill
You’d think that shutting off rooms that you don’t use during a boiling day makes sense, but it couldn’t be farther from the best idea to do. If you have a central HVAC system, closing vents will not only cost you more in the long run, but it could also be causing damage to your HVAC system (and no one wants that bill). By shutting off rooms, you run into those pesky Laws of Thermodynamics again. The room will just keep getting hotter, and that heat will just transfer into the rest of your home, making your AC run longer. The longer your AC runs, the larger your electricity bill ends up being. Additionally, modern HVAC units are closed systems. By shutting vents, you can actually cause pressure problems which can restrict air flow. And that can make your AC run longer trying to cool the house.
Opening The Windows And (Don’t) Let In The Sun
If you grew up in an older house, you probably got told “open your window at night it’ll cool off”. Older houses, especially brick houses, trap heat like a heatsink. This means that opening your windows at night can release some of that built-up heat via the Law Of Thermodynamics we mentioned. If it does get to be a cooler temperature you’re okay with leaving your AC off in, make sure the AC is off before you open the windows. Otherwise, you’re just wasting power. Make sure to open windows on opposite sides of the house to get a cross breeze to cut the humidity. Try adding UV-blocking curtains so you get the breeze, but not the sun.
Don’t Let Your High Ohio Edison Bill Keep You Boiling
There are tons of tricks out there to keep your electricity bills low, but remember that pesky law of thermodynamics! That heat has to go somewhere, so keep it out of your house. If you’re ever curious about other tips or tricks, make sure you stop by again.
And if you ever need to look for a new electricity plan to keep your costs even lower, head on over to www.ohenergyratings.com