Quote:
Originally Posted by Danzig
Under the current tax code, corporations can deduct unlimited amounts of such “performance pay” from their federal income taxes. In other words, the more corporations pay their CEO, the lower their tax burden. Novak’s $94 million payout, for example, lowered YUM’s IRS bill by $33 million. Guess who makes up the difference?
how absurd!
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You forgot to mention YUM brands paid $548 million in taxes in 2011 on $2.145 billion in earnings (26%).
And while YUM lowered its IRS bill I'm sure $94 million increased Mr. Novak's tax bill substantially. In fact by giving the $94 million to Novak it's a certainty more taxes were collected as opposed to if it were taxed at a corporate rate. Somewhere around $13 million (40% v. 26%)
You curiously missed that fact as well....
http://www.yum.com/investors/income_statement.asp
BTW How about figuring how many food stamp recipients would have benefited if the Obamacare website wasn't $600 million over budget and climbing.