Today's Coming Crisis Movie

Friday, August 17, 2012

Revealed: The 26 'kingpin' corporations that paid their CEOs more than they paid in taxes... and for most the public paid THEM a refund



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 the companies received a net tax refunds of up to $1billion. 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.

The study blasted tax rules allowing unlimited deductions for CEO 'performance-based' pay, like many stock options. It said the five biggest performance payers among the 26 companies took $232 million of these deductions last year.

Among the 'kingpins' it criticized was CEO James McNerney Jr of Boeing. It said he got $18.4 million in pay last year while his company received a tax refund of $605 million. Read More