JUST ANOTHER GREAT YEAR FOR CEOs

How did 2020 work out for you? Financially? Emotionally? Health wise? Some folks did better than others – and many of them were the same people. From Richard Beales, Breading Views.com:

The economy was in shambles last year, but that didn’t stop big-company bosses from boosting their bank accounts, said Richard Beales. According to The Wall Street Journal, the median pay for chief executives at 322 large U.S. public companies reached $13.7 million, up from $12.8 million for the same companies a year earlier. More than 200 of those CEOs actually got a pay raise, with the median amount being 15 percent. At the time, “around 8 million fewer Americans were employed than in February 2020, before coronavirus struck.” But the country’s corporate chieftains “aren’t sharing the broader pain.” Some CEOs will point out that they took Covid-related cuts in their salaries as a show of goodwill. But that’s a small part of their overall remuneration.” Stock prices factor heavily into many pay packages, and the market benefited from support from the Federal “Reserve’s emergency policies and the government stimulus packages. That was taxpayer money, “and bosses don’t deserve a windfall for that.” Shareholders of these companies now have an opportunity to vote on CEO pay. Many such votes are nonbinding, but they “send important messages,” and now is the time. “Investors have already expressed majority displeasure at companies including Starbucks and Walgreens.” Maybe it will catch on.

Then there is this headline: “Jeff Bezos endorsed higher corporate tax rates. ” From CNN Business: Hardly any other company leaders have come out in support of Biden’s plan. But it’s a relatively easy plan for Bezos to get behind: His company pays nowhere close to the current 21% corporate tax rate, let alone the 28% rate Biden is pitching.According to company filings, Amazon’s federal income tax bill came to $1.7 billion in 2020. That doesn’t mean that its actual payments came to that much — but that $1.7 billion tax figure nevertheless came to only about 7% of the pretax income of the $24.2 billion it reported to investors. Thus Amazon only paid about a third of the 21% rate. Jeff Bezos endorsed higher corporate tax rates. But it won’t cost him much – CNN

What is the expression? Oh, the rich get richer and the poor… You know.

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