By Sahid Fawaz
When your company pays you $45 million annually, while you bring in foreign workers to replace American ones (who the Americans have to train), it’s probably best not to complain about taxes.
But that didn’t stop Disney CEO Bob Iger from doing just that.
CNN Money reports:
“Iger told CNNMoney on Thursday that high corporate tax rates in the U.S. are ‘anti-competitive,’ and described the country’s tax system as ‘ridiculously complex.’
‘It doesn’t mean that a company shouldn’t pay taxes, but I think the structure is off … the tax base should be lowered, and the loopholes should be closed,’ Iger said, without elaborating on potential reforms.
Corporate taxes have been a flashpoint during the U.S. presidential campaign. Bernie Sanders, for instance, has lambasted big business for using loopholes to lower their tax bills.
Nearly 20% of large U.S. corporations that reported a profit on their financial statements in 2012 ended up paying exactly nothing in U.S. corporate income taxes, according to a recent report from the U.S. Government Accountability Office, which conducted its analysis at the behest of Sanders.
That’s well below the 35% top corporate income tax rate.”
That’s right: 1 in 5 profitable corporations pay no taxes but Disney’s CEO says that’s too much.
For the rest of the story, check out the CNN story here.