Verizon’s phone customers paid more to Uncle Sam than the telecom giant

Posted on September 5th, 2011 | by A Worker |

Pay no taxes and lay people off ,  are companies like Verizon the the type of entities we need leading our economy?   As long as we allow this type of shit, working people are doomed.  The information below about Verizon comes from a report on executive compensation and tax dodging from the Institute for Policy Studies.  Read more

  • CEO compensation: $18.1 million
  • U.S. federal income taxes: $705 million refund
  • Verizon received a massive tax refund last year – despite earning $11.9 billion in pre-tax U.S. profits –the highest among the 25 firms highlighted in this report. Quite a feat for then Verizon CEO Ivan Seidenberg.
  • In effect, every Verizon phone customer paid more in federal telephone excise taxes than Verizon paid in federal income taxes.
  • Verizon also has a heavy political presence in Washington. Last year alone, the telecom giant spent $16.7 million on lobbying — and deducted these outlays off its taxes.
  • Despite its hefty profits, Verizon last year announced 13,000 job cuts, the year’s third-highest corporate layoff total.

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