Money

Verizon CEO Wants You to Pay More for Internet

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Verizon CEO Lowell McAdam redefined "net neutrality" earlier this week when he claimed the phrase meant that companies like his should charge people more money to access the Internet, which was built with government funds.

In reality, "net neutrality" means an open web where Internet service providers (such as Verizon) treat all web traffic and web sites equally without favor or penalty.

“We make our money by carrying traffic," McAdam said in a conference call with investors on Monday, noted The Huffington Post. "I think it is only natural that the heavy users help contribute to the investment to keep the web healthy. That is the most important concept about net neutrality."

McAdam may have been referring to charging users who watch films on services such as Netflix, but according to Motherboard.com, 26 million Americans currently cannot afford basic Internet access.

According to a report in 2013 by the New America Foundation, Americans already pay more for slower Internet services than many developed nations.

While McAdam wants others to pay, he did not mention that Verizon has not paid federal income taxes from 2008 to 2012, thanks to corporate welfare and special tax breaks, according to a recent report by Citizens for Tax Justice, noted Reuters.

Sources: New America Foundation, Motherboard.com, The Huffington Post, Reuters

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