Comment on Companies paid top executives more than they paid in US taxes – report
givesomefucks@lemmy.world 8 months ago
Super depressing fact:
CEO wages are tax deductible.
It shouldn’t be, but good luck convincing republicans and neoliberals that.
psvrh@lemmy.ca 8 months ago
I’m fairness, all wages are a business expense, and in theory, personal income taxes should catch this.
The problem is that we don’t tax the rich enough, and as a result our tax code encourages cash hoarding.
BakerBagel@midwest.social 8 months ago
Businesses have to match the taxes that employees pay. If i make $50,000 a year and owe $10,000 in taxes, my employer also owes $10,000 too. So if my company is paying taxes on my wages, why are the CEO’s wages tax deductible?
SugarSnack@lemm.ee 8 months ago
All wages (whether you’re the janitor or CEO) reduce a company’s profits, which means lower corporation tax. You are talking about payroll taxes, which are a different thing.