Cms Energy Corp
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Exposed: 35 corporations that pay their execs more than they pay in taxes - Alternet.org
top executives at dozens of major, profitable U.S. businesses received more in total compensation in recent years than their companies paid in federal taxes, underscoring the twin outrages of skyrocketing CEO pay and rampant corporate tax dodging.
A report published Wednesday by Americans for Tax Fairness (ATF) and the Institute for Policy Studies (IPS) identifies 35 profitable U.S. corporations that paid their top executives more than they paid the federal government in taxes between 2018 and 2022. The list of companies includes Ford, Netflix, NextEra Energy, and Tesla—whose CEO, Elon Musk, is the second richest man in the world.
ATF and IPS found 64 companies that paid their top five executives more than they paid in taxes in at least two of the five years examined.
Tesla, which has received hundreds of millions of dollars in federal subsidies and loans, paid nothing in federal taxes during the period examined by the new report, as the electric car company carried forward losses from previous years to offset the $4.4 billion in U.S. profits it made between 2018 and 2022—the first five years of the Trump-GOP tax law that slashed rates for the rich and corporations.
Additionally, the report points to Tesla's apparent use of "accounting schemes" such as "shifting American profits to offshore tax havens."
Meanwhile, in 2018, Tesla's board gave Musk a staggering $2.28 billion pay package, which was at the time "the largest compensation plan in public corporate history." (In 2021, the ratio of Musk's compensation and that of the median Tesla employee was roughly 18,000 to 1.)
"In the intervening years, with the rise in the price of Tesla shares, the value of those options has grown to an eye-watering $56 billion. It became so outlandish as compensation for a single individual that a court in corporate-friendly Delaware struck it down," the new report notes. "Even if that decision survives appeal, whatever Tesla winds up paying Musk will still be more than it pays Uncle Sam."
The other profitable companies that paid their top executives more than they paid in taxes during the five-year study period were T-Mobile, American International Group, Duke Energy, DISH Network, Principal Financial, Metlife, American Electric Power, Kinder Morgan, Dominion Energy, Oneok, Williams, Xcel Energy, FirstEnergy, NRG Energy, Salesforce, DTE Energy, Ameren, Sempra Energy, United States Steel, Entergy, AmerisourceBergen, PPL, CMS Energy, Evergy, Voya Financial, Darden Restaurants, Atmos Energy, Alliant Energy, Match Group, UGI, and Agilent Technologies.
"America's working families are cheated twice when major corporations pay too little to the federal government in taxes while paying too much to their top executives."
The new report argues it is "no coincidence" that companies notorious for paying little to nothing in federal taxes despite massive profits also grant their executives huge pay packages.
"Executives are rewarded for 'tax efficiency'—the euphemism for corporate tax dodging—which is often an easier way to raise profits than by creating goods and services more customers want to buy," the report notes. "And compliant corporate boards have more money to throw around the executive suite when their firms pay less in taxes."
CEOs are often able to make use of so-called "top hat" plans that allow them to set aside unlimited sums, tax-free, for retirement.
David Kass, ATF's executive director, said that "both kinds of corporate misbehavior—underpaying taxes and overpaying executives—ultimately make working families the victim through smaller paychecks and diminished public services."
Thanks to cuts to the corporate tax rate and persistent loopholes, the effective U.S. corporate tax rate has declined sharply in recent decades, falling from around 50% in the 1950s to 17% in 2022—depriving the government of revenue that could be used for key domestic priorities, from healthcare to housing to environmental protection.
"America's working families are cheated twice when major corporations pay too little to the federal government in taxes while paying too much to their top executives in lavish compensation packages," the study argues.
The report estimates that hiking the corporate tax rate from 21% to 28% would bring in $1.3 trillion in federal revenue over the next decade.
ATF and IPS also point to the "wealth of proposals" in Congress aimed at reining in out-of-control CEO pay. Earlier this year, progressive lawmakers in the House and Senate introduced legislation that would hike taxes on corporations that pay their top executives over 50 times more than their median workers.
The bill's supporters estimate that it could raise up to $150 billion over 10 years.
"For corporations to reward a handful of top executives more than they are contributing to the cost of all the public services needed for our economy to thrive reflects the deep flaws in our public regulation of corporations," said ATF and IPS. "Rather than more tax breaks, Congress should focus on addressing these deficiencies by cracking down on the use of tax havens, eliminating wasteful corporate subsidies, and closing loopholes that further enrich wealthy corporate executives."
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Wikipedia, the free encyclopedia
CMS Energy Corporation| 
|
Headquarters in downtown Jackson |
Headquarters in downtown Jackson |
|---|---|
| Company type | Public |
| Traded as | |
| Industry | Energy |
| Founded | 1886; 138 years ago |
| Headquarters | Jackson, Michigan, U.S. |
| Area served | United States |
| Key people | Garrick Rochow (President & CEO) Rejji Hayes (CFO)[1] |
| Products | |
| Revenue |  US$7.46 billion (2023) |
| Operating income |  US$1.24 billion (2023) |
| Net income |  US$887 million (2023) |
| Total assets |  US$33.5 billion (2023) |
| Total equity |  US$7.54 billion (2023) |
| Number of employees | 8,356 (2023) |
| Subsidiaries | Consumers Energy |
| Website | cmsenergy.com |
Footnotes / references [2] | Footnotes / references [2] |
[
](https://en.wikipedia.org/wiki/File:One_Energy_Plaza_%28Jackson,_Michigan%29.jpg)One Energy Plaza (Jackson, Michigan)
CMS Energy Corporation is an American energy company based in Jackson, Michigan, that is focused principally on utility operations in Michigan.[3] Its principal business is Consumers Energy, a public utility that provides electricity and natural gas to more than 6 million of Michigan's 10 million residents.[4][5] Its non-utility businesses are focused primarily on domestic independent power production. Consumers Energy has operated since 1886.[6]
CMS Enterprises' primary businesses are independent power production and natural gas transmission.[7]
History
CMS Energy was formed in 1987 as a holding company with its principal subsidiaries as Consumers Energy and CMS Enterprises.[8] On October 23, 1987, CMS Energy became a publicly owned company and was listed at the New York Stock Exchange. The company's history dates back to 1886, when William Augustine Foote and Samuel Jarvis initially approached Jackson, Michigan officials and asked them to support efforts to illuminate Jackson's downtown with electric arc lights. They formed a company, Jackson Electric Light Works in 1888. In 1889, they built a hydro plant project at the Trowbridge Dam on the Kalamazoo River.[9] Foote, after seeing some early success, began consolidating his small power companies and formed Commonwealth Power Company.[6]
In 1907, Foote and Jarvis built Croton Hydro project on the Muskegon River,[10] the first project in the world that could transmit 110,000 volts of electricity.[11] In 1920, Foote and Jarvis offered preferred shares of their company to the public to secure sufficient financing to enter other energy and power generation sectors.[12][13] Over the next decades the company built several coal-fired, natural gas, nuclear and electric facilities. In 1946, the company formed a strategic partnership with Panhandle Company to convert former natural gas fields to underground natural gas storage areas.[14] CMS Energy's primary subsidiary, Consumers Energy, announced Michigan's first nuclear power plant in 1961, Big Rock Point in Charlevoix, Michigan.[15][16]
The company announced another nuclear plant, Palisades Nuclear Generating Station on Lake Michigan,[17][18] which first produced electricity in December, 1971 to serve 400,000 people a day. CMS Energy owned the plant until 2006, when it was sold to Entergy.[19] It then announced a gas reforming plant to furnish heat for Michigan homes in 1971.[20] This plant was the first of its kind in North America to produce synthetic gas, converting impure liquid petroleum into pipeline-quality natural gas.[21]
In 1987, CMS Energy, a holding company with its principal subsidiaries as Consumers Power and CMS Enterprises was formed. Consumers Power was rebranded Consumers Energy in 1997. The firm was one of the first companies to introduce an online billing system in the late 1990s.[22]
In 2001, the firm entered into an exploration agreement with Eritrea for oil exploration in the Dismin Block of the Red Sea.[23]
In 2003, the firm moved its headquarters to One Energy Plaza in Jackson, Michigan. In 2007, the company announced plans to invest $6 billion in Michigan's energy future to support new power plant technology and identify new energy sources.[citation needed] In 2014, Consumers Energy opened Cross Winds Energy Park in Michigan's Tuscola County and signed a contract with General Electric to supply 621.79-kilowatt wind turbine engines for the project which has a total generating capacity of 105 megawatts.[24]
Sustainability and Environment[edit]
In 2015, 9 percent of CMS Energy's power comes from renewable energy sources.[25] Primary CMS Energy subsidiary Consumers Energy joined the Wildlife Habitat Council as an active member.[26] By 2007, all power facilities received the Clean Corporate Citizen award from the Michigan Department of Environmental Quality.[27][28]
Awards[edit]
Consumers Energy, CMS Energy's primary subsidiary, was named Energy Star Partner of the Year in 2014 and 2015 for excellence in sustainable energy efficiency programs. In 2014, Consumers Energy was ranked among the top 15 most sustainable energy providers. Later that year, CMS Energy received Edison Electric Institute's Index Award for top cumulative shareholder return in the small cap category.[29] The firm received the 2015 Emergency Recovery Award[30] for its electricity restoration efforts during the December 2013 North American storm complex.[31]
Criticism[edit]
In December 2011, the non-partisan organization Public Campaign criticized CMS Energy for spending $3.48 million on lobbying and not paying any taxes during 2008-2010, instead getting $29 million in tax rebates, despite making a profit of $415 million, and increasing executive pay by 79% to $900.4 million in 2010 for its top 5 executives.[32]
Philanthropy[edit]
CMS Energy has helped establish and finance numerous research, educational and cultural institutes in the United States. Consumers Energy was given the William Booth Award in 2013 by The Salvation Army in recognition of its long history of philanthropic activities and leadership for the PeopleCare assistance program.[33]
CMS Energy participates in internship and cooperative education programs to build career opportunities in Michigan. Consumers Energy has also worked on early childhood development and education in Michigan and has also received Wildlife Habitat Council (WHC) compliant certificates for its efforts to promote environmental education.[34]
See also[edit]
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CMS Energy Corporation - About - Leadership - Officers
CMS Energy, Corp. ("CMS") has no control over the External Site, any data or other content contained therein or any additional linked websites. The link to the External Site is provided for convenience purposes only. ... and certification in business acumen for high-potential executives from the University of Michigan's Ross School of ...
- ### CMS Energy Corporation - About - Leadership - Board of Directors CMS Energy, Corp. ("CMS") has no control over the External Site, any data or other content contained therein or any additional linked websites. The link to the External Site is provided for convenience purposes only. ... President and CEO of Public Service Enterprise Group Incorporated ("PSEG"), a publicly traded diversified energy ...
- ### CMS Energy Corporation - CMS Energy Announces Patti Poppe Stepping Down ... CMS Energy announced today that Patti Poppe is leaving the company, effective December 1, 2020, to take the position as CEO at PGE Corporation in California. Garrick Rochow, current executive vice president of operations, will succeed Poppe as CMS Energy and Consumers Energy president and chief executive officer and on CMS Energy's Board of Directors. Poppe has served as president and chief ...
- ### CMS Energy Corporation - CMS Energy and Consumers Energy President and ... - John Russell elects to retire as president and CEO on July 1, 2016 after leading successful strategy and record company performance since 2010 - Patti Poppe named president and CEO, effective July 1; nominated for election to CMS Energy and Consumers Energy boards; Poppe served as senior VP for energy distribution, led customer-focused strategy - Russell is expected to become chairman of the ...
- ### CMS Energy Corporation - Investors - Corporate Overview CMS Energy announced today reported earnings per share of $0.96 for the first quarter of 2024, compared to $0.69 per share for 2023. The company's adjusted earnings per share for the first quarter were $0.97, compared to $0.70 per share for 2023 primarily due to higher weather-normalized sales and lower storm restoration costs.
- ### CMS Energy Corporation - CMS Energy Announces LeeRoy Wells Jr. as ... CMS Energy announced today that LeeRoy Wells Jr. is named senior vice president of operations, effective December 1, 2020, following Garrick Rochow being named president and CEO last week. LeeRoy currently serves as the vice president of gas operations responsible for gas transmission, distribution, and the integrity of the company's gas system.
CMS Energy - Wikipedia
CMS Energy Corporation is an American energy company based in Jackson, Michigan, that is focused principally on utility operations in Michigan. ... and increasing executive pay by 79% to $900.4 million in 2010 for its top 5 executives. Philanthropy ...
CMS | CMS Energy Corp. Company Profile & Executives - WSJ
Company profile for CMS Energy Corp. including key executives, insider trading, ownership, revenue and average growth rates. View detailed CMS description & address.
CMS Energy CEO and Key Executive Team | Craft.co
CMS Energy's President and Chief Executive Officer of CMS Energy Corporation and Consumers Energy Company is Garrick J. Rochow. Other executives include John G. Russell, Chairman; Amanda M. Wagenschutz, Vice President of People and Culture Operations of CMS Energy Corporation and Consumers Energy Company and 16 others. See the full leadership team at Craft.
CMS Energy Corp (CMS) CEO Garrick Rochow on Q1 2022 Results - Earnings ...
May 3, 2022CMS Energy Corp (NYSE:CMS) Q1 2022 Earnings Conference Call May 3, 2022 9:00 AM ET. Company Participants. Srikanth Maddipati - VP, IR & Finance and Treasurer Garrick Rochow - President, CEO & Director
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