Many of the companies whose CEOs are members of the “Fix the Debt” Campaign are paying very little in federal corporate income taxes, according to the Institute for Policy Studies. Fix the Debt front man David Cote’s Honeywell actually received deductions, credits, and loopholes to garner refunds, essentially paying negative income taxes over the three years examined by IPS.
When compared with the average small business the income tax paid by these companies becomes even more ridiculous. The average small business with fewer than 200 workers pays a 19.8% effective federal income tax rate. Yet Fix the Debt’s CEOs are suggesting that their huge companies pay lower taxes through a territorial tax system. At the same time they insist that Medicare, Medicaid and Social Security go to the chopping block.
Fix the Debt is the group led by scores of corporate CEOs in a transparent effort to help wealthy elites and overpaid corporate executives avoid paying their fair share of taxes while cutting Medicare, Medicaid and Social Security. The organization’s policy proposals mimic the policies of failed presidential candidate Mitt Romney, and the group doesn’t hide the fact that it is backed by the likes of Goldman Sachs CEO Lloyd Blankfein:
Blankfein’s Goldman Sachs got billions from the federal government during the Wall Street bailouts, enabling him to hold a job that paid him $16.1 million in 2011, and now he wants the rest of us to take a pay cut — now and in the future. Referring to Social Security, he recently told CBS, “You’re going to have to do something, undoubtedly, to lower people’s expectations of what they’re going to get.”