CEOs paid more than taxes in 26 US companies, IPS study says (Complete list)By Angel Cuala on Aug 17, 2012 in Business, Finance, United States •
Twenty-six big US companies in 2011 had their CEOs paid more than the taxes they paid, according to a recent study released on Thursday, August 16, 2012. Among these companies include Citibank, Abbott, Boeing, and AT&T, with the complete list of these companies, along with the figures, available below.
As noted by Institute for Policy Studies (IPS) on its official website that day, these CEOs have received $20.4 million in average total compensation in that year, which is a 23 percent increase over the average for last year’s list of 2010’s tax dodging executives; while paying little or no federal tax on ample profits.
Based on the 45-page pdf file of an apparent criticism of the corporate tax code, they have also identified the top executives who have benefited the most from what have become known as “the Bush tax cuts,” suggesting that wages for average Americans remains idle but salaries for top executives continues to go higher.
“Our nation’s tax code has become a powerful enabler of bloated CEO pay. Some tax rules on the books today essentially encourage corporations to compensate their executives at unconscionably higher multiples of what their average workers are paid.” A statement reads at IPS-DC.org; stressing out that 7 of these companies were also on the 2010 and 2011 list.
“In effect, we’re rewarding corporate executives for gaming the tax system. Our tax code is helping the CEOs of our nation’s most prosperous corporations pick Uncle Sam‘s pocket.” The study added, noting that rules let executives of major corporations in the country routinely reduce their corporate tax bills.
Below is the complete list (in alphabetical order) of the US companies that paid more to their CEOs last year, than they paid in federal taxes, as summarized from the IPS study. The IPS noted that they used the companies’ own mathematics based on accounting rules to compute for the tax.
List Credit: IPS-DC.org via Daily Mail
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