Weekend Economists Take Five: December 7-9, 2012

[Demeter]

31. Five Job-Destroying CEOs Trying to “Fix” the Debt by Slashing Corporate Taxes and Cutting Social Sec

http://www.alternet.org/economy/five-job-destroying-ceos-trying-fix-debt-slashing-corporate-taxes-and-cutting-social?akid=9779.227380.PeIZNu&rd=1&src=newsletter757454&t=12&paging=off

...if not for some pesky real-world facts. You see the same corporations peddling this line have already been paying next to nothing in taxes. And instead of creating jobs, they’ve been destroying them. Here are five examples of job-cutting, tax-dodging CEOs who are leading Fix the Debt.

1. Randall Stephenson, AT&T

U.S. jobs destroyed since 2007: 54,000

Average effective federal corporate income tax rate, 2009-2011: 6.3%

2. Lowell McAdam, Verizon

U.S. jobs destroyed since 2007: 30,000

Average effective federal corporate income tax rate, 2009-2011: -3.3%

3. David Cote, Honeywell

U.S. jobs destroyed since 2007: 4,000

Average effective federal corporate income tax rate, 2009-2011: -14.8%

4. Kenneth Frazier, Merck

U.S. jobs destroyed since 2007: 13,000

Average effective federal corporate income tax rate, 2009-2011: 13.2%

5. Terry Lundgren, Macy’s

U.S. jobs destroyed since 2007: 7,000

Average effective federal corporate income tax rate, 2009-2011: 20.7%

DETAILS AT LINK