Portal:Fix the Debt/Fix the Debt CEOs

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Fix the Debt CEOs say they are worried about the debt and deficits, yet many Fix the Debt firms pay a negative tax rate or a tax rate well below the standard 35 percent -- adding greatly to our nation’s deficit.  Fix the Debt CEOs say that what is needed to balance the books is cuts to earned benefit programs like Social Security (which is a separate federal program not counted in  the federal budget at all). At the same time, many of these same CEOs under-fund their employee pension plans, making it likely that their workers will be even more dependent on Social Security.  This hypocrisy has led to a campaign called "Flip the Debt," which calls upon major corporations to pay their fair share of taxes.


Cote.jpg
  • Honeywell
    • CEO David Cote, compensation: $37,842,723[1]
    • David Cote’s retirement assets: $78,084,717[2]
    • Honeywell's average effective tax rate (2008-2010): -0.7%[3]
    • Underfunded employee pension: -$2,764,000,000[2]


Immelt.jpg
  • General Electric
    • CEO Jeffrey Immelt, compensation: $21,581,228[4]
    • Jeffrey Immelt's retirement assets: $53,301,387[2]
    • GE's average effective tax rate (2008-2010): -45.3%[3]
    • Underfunded employee pension: -$21,756,000,000[2]


Mcadam.jpg
  • Verizon
    • CEO Lowell McAdam, compensation: $23,120,499[5]
    • Lowell McAdam's retirement assets: $8,725,445[2]
    • Verizon's average effective tax rate (2008-2010): -2.9%[3]
    • Underfunded employee pension: -$6,472,000,000[2]



Weeks.jpg
  • Corning
    • CEO Wendell Weeks, compensation: $10,333,531[6]
    • Wendell Weeks' retirement assets: $21,229,195[2]
    • Corning's average effective tax rate (2008-2010): -0.2%[3]
    • Underfunded employee pension: -$454,000,000[2]


Frazier.jpg
  • Merck
    • CEO Kenneth Frazier, compensation: $13,347,652[7]
    • Kenneth Frazier's retirement assets: $14,428,904[2] 
    • Merck's average effective tax rate (2008-2010): 11.5%[3]
    • Underfunded employee pension: -$1,935,000,000[2]



Anderson.jpg
  • Delta Air Lines
    • CEO Richard Anderson, compensation: $8,854,554[8]
    • Underfunded employee pension: -$11,504,000,000[2]




  1. ↑ Honeywell, "2011 Annual Report", organizational report.
  2. ↑ 2.00 2.01 2.02 2.03 2.04 2.05 2.06 2.07 2.08 2.09 2.10 Institute for Policy Studies, "A Pension Deficit Disorder: The Massive CEO Retirement Funds and Underfunded Worker Pensions at Firms Pushing Social Security Cuts", organizational report, November 21, 2013.
  3. ↑ 3.0 3.1 3.2 3.3 3.4 Citizens for Tax Justice, data compiled by CTJ, on file with CMD.
  4. ↑ General Electric, "2011 10K Form", organizational document, page 27.
  5. ↑ Verizon, "2011 Annual Report", organizational document, page 25.
  6. ↑ Corning, "2011 Annual Report", organizational report, page 63.
  7. ↑ Merck, "2011 10K", organizational document, page 41.
  8. ↑ Delta Air Lines, "2011 Annual Report", organizational document, page 24.
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