July 24, 2013 by David K. Sutton
07-24-2013 Left Call Radio 03 – Executive Compensation Tax Deduction, Internet Killing Journalism, White Backlash Racial Bias
Episode 03: Robert Reich writes about how executive pay can be a corporate tax deduction. | Is the Internet killing journalism? | And what’s with all the white backlash when we talk about racial bias?
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Almost everyone knows CEO pay is out of control. It surged 16 percent at big companies last year, and the typical CEO raked in $15.1 million, according to the New York Times.
Meanwhile, the median wage continued to drop, adjusted for inflation.
What’s less well-known is that you and I and other taxpayers are subsidizing this sky-high executive compensation. That’s because corporations deduct it from their income taxes, causing the rest of us to pay more in taxes to make up the difference.
A mythology about the relationship between American government and the news business is again making the rounds, and it needs a corrective jolt. The myth is that the commercial press in this country stands wholly independent of governmental sustenance. Here’s the jolt: There’s never been a time in U.S. history when government dollars weren’t propping up the news business. This year, federal, state and local governments will spend well over $1 billion to support commercial news publishers through tax breaks, postal subsidies and the printing of public notices. And the amount used to be much higher.
Parting words on white backlash against talk of racial bias:
Why do so many whites, particularly conservative whites, get so worked up any time someone talks about racial bias? I think I know the answer. Well, many are just racists, but for the whites who are not overtly racist, I think I might know why they respond the way they do. — They just don’t want to be bothered by it. It’s depressing. It makes them feel sad. It makes them feel like they should do something about it — that is, if they didn’t dismiss it. So to all the people who want to talk about important issues, including racial bias, these whites have one message for you — “Just shut the fuck up already!” Because you are shattering their perfect white world.