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It starred Carroll O'Connor, Jean Stapleton, Sally Struthers, and Rob Reiner.
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Afterwards, it was continued with the spin-off series Archie Bunker's Place, which picked up where All in the Family had ended and ran for four more seasons through 1983.īased on the British sitcom Till Death Us Do Part, All in the Family was produced by Norman Lear and Bud Yorkin. Sarah Anderson directs the Global Economy project at the Institute for Policy Studies and is the co-author of the new report “Fix the Debt: CEOs Enjoy Taxpayer-Subsidized Pay.” Website: This essay was distributed by MCT Information Services.All in the Family is an American television sitcom that aired on CBS for nine seasons, from January 12, 1971, to April 8, 1979. Instead, let’s end expensive corporate tax breaks like the “performance pay” loophole that deliver no value to the broader society. But we don’t need cutbacks that will hurt the poor and the middle class. It’s a good thing that we’re having a debate over national budget priorities. While they’re at it, our lawmakers also should lower the cap to $500,000. Scrapping that exemption would eliminate one of the most perverse of all tax loopholes.
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The tax code already sets a $1 million cap on the deductibility of executive compensation, but the performance-pay loophole renders it meaningless.
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Congress could end taxpayer subsidies for excessive executive pay with a simple fix. They’ll need to rely entirely on Social Security during their golden years. One in three Americans have no retirement assets of any kind. That may be peanuts to someone like Fink, but it could rob millions of a dignified retirement. If BlackRock CEO Fink gets his way and the retirement age rises to 70, average Americans would see their Social Security and Medicare benefits cut by about 20 percent. The exact windfall will be impossible to compute until Uncle Sam requires all companies to disclose more pay information. That’s enough to cover the cost of 125,000-210,000 Head Start slots or the salaries of 14,000-23,000 elementary school teachers for a year. What we found is that these firms raked in at least $953 million - and as much as $1.6 billion - from the “performance pay” loophole between 20. To get a sense of the size of this little-known corporate tax break, a new study by the Institute for Policy Studies and Campaign for America’s Future looks at the pay practices of the 90 publicly held corporate members of Fix the Debt. Guess what they never mention? That large corporations routinely fatten the nation’s deficit by exploiting the performance pay loophole and other gimmicks to avoid paying taxes. The Fix the Debt outfit has recruited an army of high-profile CEOs and corporations to carry the message that we must slash spending on our earned-benefit programs or face national economic ruin. While pocketing this taxpayer-subsidized pay, Fink was so moved by belt-tightening fervor that he joined “Fix the Debt,” a lobby group calling for cuts to Social Security and Medicare. Between 20, Fink took home $119 million in fully deductible “performance pay.” That translates into a corporate tax break of $42 million. In other words, the more they pay Fink and other top executives, the lower their tax burden gets.Īnd the rest of us? We get stuck with the bill.īlackRock is one of the biggest beneficiaries of this tax break. The current tax code lets corporations deduct from their income taxes unlimited amounts of executive compensation, as long as they say this pay is based on “performance.” As a result, huge companies such as BlackRock have an incentive to dole out massive stock options and other so-called “performance” bonuses. While the leader of the world’s largest money manager sits around lecturing all of us to tighten our belts, we’re padding his pockets.