With more than $100 billion in annual revenues and nearly $15 billion in operating profits, Verizon is a large and prosperous company. Yet, between 2008 and 2010, the company used a variety of tax avoidance techniques to receive $951 million in rebates from the federal government -- an effective tax rate of -2.9%. At the state level, Verizon paid just 2.6% in taxes compared to a 6.8% state average.
All of this is unsurprising from a company whose five highest executives took home $258 million in salary and benefits over the last four years. Without a doubt, Verizon represents not just the 1%, but the top one-tenth of 1% of the country. And they are shifting their tax bill to the 99%.
And while Verizon was becoming one of America's biggest tax dodgers, Verizon and Verizon Wireless were also seeking to cut benefits for its workers. The company is pushing a new contract that would eliminate sick days for workers hurt on the job, cut health coverage promised to retirees and force workers to pay thousands per year in healthcare costs -- on top of the fair share in taxes they already pay.
Verizon's antics are just another illustration of the destructive power of corporate greed.
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