Monday, August 20, 2012
26 big corporations paid their CEOs more than they paid in taxes
The Big Picture
Twenty-six big US companies paid their CEOs more last year than they paid the federal government in tax, according to a study released Thursday by a liberal-leaning think tank.
The study, by the Institute for Policy Studies, said the companies, including AT&T, Boeing and Citigroup, paid their CEOs an average of $20.4 million last year while paying little or no federal tax on ample profits, according to regulatory filings.
Astonishingly, nearly all of the companies received net tax refunds of up to $1 billion. Others had a tax bill of $0.
On average, the 26 companies generated net income of more than $1 billion in the US, the study said.