Fourteen of the CEOs of leading American corporations have at least $50 million in their company retirement accounts. Four of these men accumulated more than $140 million each. Together, the 14 amassed more than $1.34 billion in retirement assets. Some of these funds are in pensions, the rest in deferred compensation accounts similar to 401(k)s.
It is easier to form a corporation in the United States than it is to get a library card or driver’s license. Current law allows people or existing corporations to create new companies without requiring any information about the human owners of the businesses. A powerful new report by Global Witness details the threats these anonymous companies pose.
Tomorrow, Oct. 1, marks one year since obstructionists in the House shut down the federal government. Approximately 800,000 federal workers stretching across the country were told not to report to work, and many public services ground to a halt.
Early on the morning of Sept. 14, I joined several hundred fellow citizens, along with guests from Canada and the United Kingdom, inside Fort McHenry in Baltimore. We huddled in the chilly morning air in the dawn’s early light to remember the moment 200 years earlier when Francis Scott Key penned the first words of the poem that was to become our national anthem.
Over the last month, American consumers have sent a strong message to companies thinking about abandoning the U.S. and moving offshore: if you stop supporting the U.S. by avoiding taxes, we’ll stop supporting you and shop elsewhere.