Phone customers paid more to Uncle Sam than the telecom giant Verizon.
Phone customers paid more to Uncle Sam than the telecom giant
CEO compensation: $18.1 million
U.S. federal income taxes: $705 million refund
Verizon received a massive tax refund last year – despite earning $11.9 billion in pre-tax U.S. profits – the highest among the 25 firms highlighted in this report.
Quite a feat for then Verizon CEO Ivan Seidenberg. In effect, every Verizon phone customer paid more in federal telephone excise taxes than Verizon paid in federal income taxes.
Verizon also has a heavy political presence in Washington. Last year alone, the telecom giant spent $16.7 million on lobbying — and deducted these outlays off its taxes.
Despite its hefty profits, Verizon last year announced 13,000 job cuts, the year’s third-highest corporate layoff total.
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