Occupy Cincinnati: City Gives Macy's CEO Tax Discount
Macy's Chairman, CEO Pay Package Down 8 Percent - ABC News
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Unless you are a corporate executive, Cincinnati takes 2.1% of your income if you live or work in the city. Macy's is a gigantic corporation with retail stores all over the world. They're headquarted in Cincinnati. (The building is pictured above.) Macy's CEO, Terry J. Lundgren, has his pay structured in a way that allows him to avoid paying taxes on over a million dollars in income every year. (We have provided a link to an article that breaks down Lundgren's salary. Read it and be informed!)
So, here's how it works. You go to work every day. You work hard for your money. You don't make millions like Lundgren. You aren't one of the superpowerful people in town. So the city takes 2.1% of your paycheck - no ifs, ands, buts, or exceptions.
When you can, you shop at Macy's. Many of you, my faithful readers, will shop at Macy's on Black Friday. A portion of every dollar you spend at Macy's goes in Lundgren's pocket. Because he is in the privileged elite class, the city has ordered its tax collectors not to take any money from Lundgren's stock options windfall. You -- the worker and shopper -- don't get the same tax rate as Lundgren. He is filthy rich, so his rate is less than yours. The bottom line is: Lundgren shouldn't get away with paying a lower city tax rate than a clerk at Macy's.
Here at The Cincinnati Black Blog, we have made our position clear. The city's Robin-Hood-in-reverse tax policy of taking from everyone to give tax breaks to the rich is wrong and must be stopped! Our team monitors media sources from all over the region. When we tell you we are the only place to find information about the millions of dollars given away by the city to the wealthiest 1%, you know its the truth. Right now we stand alone. We are used to leading the way. We pledge to stay on message and keep agitating for change.
Believe!
Read
Unless you are a corporate executive, Cincinnati takes 2.1% of your income if you live or work in the city. Macy's is a gigantic corporation with retail stores all over the world. They're headquarted in Cincinnati. (The building is pictured above.) Macy's CEO, Terry J. Lundgren, has his pay structured in a way that allows him to avoid paying taxes on over a million dollars in income every year. (We have provided a link to an article that breaks down Lundgren's salary. Read it and be informed!)
So, here's how it works. You go to work every day. You work hard for your money. You don't make millions like Lundgren. You aren't one of the superpowerful people in town. So the city takes 2.1% of your paycheck - no ifs, ands, buts, or exceptions.
When you can, you shop at Macy's. Many of you, my faithful readers, will shop at Macy's on Black Friday. A portion of every dollar you spend at Macy's goes in Lundgren's pocket. Because he is in the privileged elite class, the city has ordered its tax collectors not to take any money from Lundgren's stock options windfall. You -- the worker and shopper -- don't get the same tax rate as Lundgren. He is filthy rich, so his rate is less than yours. The bottom line is: Lundgren shouldn't get away with paying a lower city tax rate than a clerk at Macy's.
Here at The Cincinnati Black Blog, we have made our position clear. The city's Robin-Hood-in-reverse tax policy of taking from everyone to give tax breaks to the rich is wrong and must be stopped! Our team monitors media sources from all over the region. When we tell you we are the only place to find information about the millions of dollars given away by the city to the wealthiest 1%, you know its the truth. Right now we stand alone. We are used to leading the way. We pledge to stay on message and keep agitating for change.
Believe!
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