Portal:Fix the Debt/Fix the Debt CEOs

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.


 * Honeywell
 * CEO David Cote, compensation: $37,842,723
 * David Cote’s retirement assets: $78,084,717
 * Honeywell's average effective tax rate (2008-2010): -0.7%
 * Underfunded employee pension: -$2,764,000,000
 * General Electric
 * CEO Jeffrey Immelt, compensation: $21,581,228
 * Jeffrey Immelt's retirement assets: $53,301,387
 * GE's average effective tax rate (2008-2010): -45.3%
 * Underfunded employee pension: -$21,756,000,000
 * Verizon
 * CEO Lowell McAdam, compensation: $23,120,499
 * Lowell McAdam's retirement assets: $8,725,445
 * Verizon's average effective tax rate (2008-2010): -2.9%
 * Underfunded employee pension: -$6,472,000,000


 * Corning
 * CEO Wendell Weeks, compensation: $10,333,531
 * Wendell Weeks' retirement assets: $21,229,195
 * Corning's average effective tax rate (2008-2010): -0.2%
 * Underfunded employee pension: -$454,000,000
 * Merck
 * CEO Kenneth Frazier, compensation: $13,347,652
 * Kenneth Frazier's retirement assets: $14,428,904
 * Merck's average effective tax rate (2008-2010): 11.5%
 * Underfunded employee pension: -$1,935,000,000
 * Delta Air Lines
 * CEO Richard Anderson, compensation: $8,854,554
 * Underfunded employee pension: -$11,504,000,000