There would be no need for our elected leaders to trim our safety net if our richest corporations didn't turn avoiding their fair share of taxes into an art form.
Scott Klinger is an Associate Fellow who has worked with the Project on Inequality and has co-authored reports on corporate tax dodging. He has also contributed to IPS’s annual Executive Excess reports.
Scott has worked in varied aspects of the corporate social responsibility movement for 25 years. He began his career as a securities analyst and portfolio manager, earning a Chartered Financial Analyst (CFA) charter. He went on to work in the advocacy community as Co-Director of Responsible Wealth, a network of high net worth individuals who together worked for greater economic equality, including preserving the estate tax and controlling excessive executive pay. He assisted Responsible Wealth members in filing more than 100 shareholder resolutions and co-led an innovative cross-class partnership between members of Responsible Wealth and members of ACORN to address pernicous predatory lending practices. He was also Director of Research for Corporate Accountability International and Director of Corporate Engagement for First Peoples Worldwide, an organization that supports the rights of Indigenous Peoples throughout the world.
Instead of gaming the tax system to boost corporate profits, American business leaders need to start investing more in this nation.
American taxpayers are increasingly picking up the tab for unpaid corporate taxes.
While the White House and much of the media spun the hurried late-night move as a victory for the middle class, it was a win paid for with new tax cuts worth hundreds of billions of dollars for America’s wealthiest families.
Beware of wealthy CEOs who are lecturing the rest of us about tightening our belts.
It's time to close the tax loopholes that subsidize runaway executive compensation.