Some U.S. companies pay more to CEOs than to Uncle Sam - study
Source: Reuters
Citigroup, Abbott Laboratories, and AT&T are among the 26 companies that paid more to their CEOs in 2011 than they did in U.S. federal taxes, according to a study released on Thursday.
Tax breaks on research and development, past losses, and foreign-held earnings were among those lightening the tax load for many companies on the list, said the Institute for Policy Studies, a left-leaning think tank in Washington, D.C.
... * Citigroup, the financial services giant, with a tax refund of $144 million based on prior losses, paid CEO Vikram Pandit $14.9 million in 2011, despite an advisory vote against it by 55 percent of shareholders.
* Telecoms group AT&T paid CEO Randall Stephenson $18.7 million, but was entitled to a $420 million tax refund thanks to billions in tax savings from recent rules accelerating depreciation of assets.
Read more: http://www.reuters.com/article/2012/08/16/tax-ceo-idUSL2E8JF5CL20120816
Institute for Policy Studies report: http://www.ips-dc.org/reports/executive_excess_2012
... Among our findings:
Of last years 100 highest-paid U.S. corporate chief executives, 26 took home more in CEO pay than their companies paid in federal income taxes, up from the 25 we noted in last years analysis. Seven firms made the list in both 2011 and 2010.
The CEOs of these 26 firms received $20.4 million in average total compensation last year. That's a 23 percent increase over the average for last years list of 2010's tax dodging executives.
The four most direct tax subsidies for excessive executive pay cost taxpayers an estimated $14.4 billion per year$46 for every American man, woman, and child. That amount could also cover the annual cost of hiring 211,732 elementary-school teachers or creating 241,593 clean-energy jobs.
CEOs have benefited enormously from the Bush tax cuts for upper-income taxpayers. Last year, 57 CEOs saved more than $1 million on their personal income tax bills, thanks to these Bush-era cuts.
jsr
(7,712 posts)so these jobs creators can screw us some more.
Norrin Radd
(4,959 posts)dipsydoodle
(42,239 posts)those figures being arrived at after deduction of "compensation". As such that's hardly surprising. Strange allusion that it actually costs your taxpayers anything. To which direct tax subsidies do they refer ?
Igel
(35,362 posts)I get the child subsidy, the standard deduction subsidy, and intend to take the public school teacher subsidy. Then there's the subsidy of having had the marginal tax rates reduced. Lots of subsidies from the government.
In other news, there's the entire "take home pay" that consists of "total compensation." I get health benefits. I have money put into retirement fund. Those are also, it would seem, my take home pay.
dipsydoodle
(42,239 posts)which says "Some U.S. COMPANIES pay more to CEOs than to Uncle Sam " As such the issue here relates to what COMPANIES pay : not the associated side issues you mention.
FatIrishBastard
(51 posts)Shocked, I tell Ya!
joanbarnes
(1,723 posts)ahg
(64 posts)THESE BASTARDS SHOULD BE IN JAIL