Saturday, Nov 28th

Last update12:32:43 AM GMT

You are here News Economy 25 top companies pay more to CEO's than taxes

25 top companies pay more to CEO's than taxes

E-mail Print PDF

Verizon CEOAt least 25 top United States companies paid more to their chief executives in 2010 than they did to the federal government in taxes, according to a study released on Wednesday.

The companies — which include household names like eBay, Boeing, General Electric and Verizon — averaged $1.9 billion each in profits, according to the study by the Institute for Policy Studies, a liberal-leaning research group. But a variety of shelters, loopholes and tax reduction strategies allowed the companies to average more than $400 million each in tax benefits — which can be taken as a refund or used as write-off against earnings in future years.

The chief executives of those companies were paid an average of more than $16 million a year, the study found, a figure substantially higher than the $10.8 million average for all companies in the Standard & Poor’s 500-stock index.

The financial data in the report was taken from the companies’ regulatory filings, which can differ from what is actually filed on a corporate tax return. Even in a year when a company claims an overall tax benefit, it may pay some cash taxes while accumulating credits that can be redeemed in future years. For instance, General Electric reported a federal tax benefit of more than $3 billion in 2010, but company officials said they still expected to pay a small amount of cash taxes.



Most Recent Related Stories...

Another big corporation is flagrantly dodging tax. This must be outlawed

Another corporation evades taxesNo invention of modern capitalism so enrages the public as does the tax haven. When giant...

NY's Gov. Andrew Cuomo raising minimum wage for state employees

NY Gov. CuomoNew York Gov. Andrew Cuomo on Tuesday announced plans to give all state workers a minimum...

Inside the Money Laundering Scheme That Citi Overlooked for Years

Citi money laundering schemeWhen Antonio Peña Arguelles opened an account in 2005 at Citigroup’s Banamex USA, the know-your-customer documents...

Top 100 US CEOs sitting on retirement nest egg of nearly $5bn

CE0 retirement in the billionsForget retirement worries: once a fat cat, always a fat cat. The top 100 chief executive...
America's # 1 Enemy
Tee Shirt
& Help Support!
TVNL Tee Shirt
Conserve our Planet
& Help Support!
Get your 9/11 & Media
Deception Dollars
& Help Support!
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!