I'm Nathan Proctor of the organization Fair Share. The Senate is about to take up a budget that makes deep cuts to programs that help build the middle class—like education funding and job training.1
Meanwhile, huge corporations like Walmart continue to get tax breaks for handing out huge CEO bonuses.
The tax code sets a $1-million limit per executive for the amount of pay that corporations can write off their income taxes.2 But the problem is that there's a loophole that exempts "performance-based" pay.
So corporations are shelling out huge CEO bonuses to pay less in taxes. For example, during the past six years, Walmart pocketed $298.6 million in fully deductible "performance pay," lowering the company's federal tax bills by $104 million.3
We simply can't afford tax loopholes that help the biggest corporations dodge paying their fair share. It's time we close these loopholes and invest in an economy that works for all of us, not just the CEOs.
–Nathan Proctor, Fair Share
1. "Congressional Budget Plans Get Two-Thirds of Cuts From Programs for People With Low or Moderate Incomes," Center on Budget and Policy Priorities, July 2, 2015
2. "Fast food CEOs exploit despicable tax loophole," Salon, December 3, 2013
3. "Walmart's Executive Bonuses Have Cost Taxpayers $104 Million Since 2009," ThinkProgress, June 5, 2014
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