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These 7 Firms Paid Their CEO Over 60% More Than Uncle Sam

Tyler Durden's picture




 

Seven of the 30 largest U.S. corporations paid more money to their chief executive officers last year than they paid in U.S. federal income taxes, according to a new study by Center for Effective Government and Institute for Policy Studies. As Reuters reports, the study said the seven companies, which in 2013 reported more than $74 billion in combined U.S. pre-tax profits, came out ahead on their taxes, gaining $1.9 billion more than they owed...

 

and at the same time their CEOs were paid - on average - over $17 million each.

As Congress appears set to prioritize the renewal of corporate tax breaks in the lame-duck session, this report reveals stark indicators of the extent to which large corporations are avoiding their fair share of taxes.

  • Of America’s 30 largest corporations, seven (23 percent) paid their CEOs more than they paid in federal income taxes last year.
  • Of America’s 100 highest-paid CEOs, 29 received more in pay last year than their company paid in federal income taxes—up from 25 out of the top 100 in our 2010 and 2011 surveys.

 

These 29 CEOs made $32 million on average last year. Their corporations reported $24 billion in U.S. pre-tax profits and yet, as a group, claimed $238 million in tax refunds, an effective tax rate of negative 1 percent.

The company that received the largest tax refund was Citigroup, which owes its existence to taxpayer bailouts. In 2013, Citi paid its CEO $18 million while pocketing an IRS refund of $260 million.

Three firms have made the list in all three years surveyed. Boeing, Chesapeake Energy, and Ford Motors paid their CEO more than Uncle Sam in 2010, 2011, and 2013.

*  *  *

While some of the firms dispute the findings, the study concludes its findings reflected "deep flaws in our corporate tax system."

 

Source: Center for Effective Government and Institute for Policy Studies

 

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Wed, 11/19/2014 - 20:06 | 5467656 Sub MOA
Sub MOA's picture

A list for future hangings if nothing else

Wed, 11/19/2014 - 20:17 | 5467696 junction
junction's picture

Only little people pay taxes, not big corporations who own the IRS.

Wed, 11/19/2014 - 20:30 | 5467735 usednabused
usednabused's picture

Although interesting stuff, I'd be more interested to see how much tax these CEO's paid. I'd bet they all have Cayman Island accounts

Wed, 11/19/2014 - 21:26 | 5467903 gmrpeabody
gmrpeabody's picture

Jump you fuckers....

Wed, 11/19/2014 - 21:34 | 5467920 philipat
philipat's picture

Mostly "Deferred" compensation; Stock and Stock Options subject only to Capital Gains tax.

Wed, 11/19/2014 - 20:33 | 5467741 max2205
max2205's picture

Fuck that shit just give me some ZH ads!

Besides salary is tax deductible

Wed, 11/19/2014 - 20:34 | 5467745 Pseudonymous
Pseudonymous's picture

By definition, only people of little or no strength (be it moral or other kinds) give in to evils such as taxation.

Thu, 11/20/2014 - 02:37 | 5468662 StychoKiller
StychoKiller's picture

"Flaws" in the tax system?  BS, Charly Rangel made sure to write them up for his corporate buddies!

Wed, 11/19/2014 - 20:20 | 5467698 logicalman
logicalman's picture

If these companies were paying taxes, who do you think the cost would be passed off to?

Taxation is theft.

 

Wed, 11/19/2014 - 20:54 | 5467805 XitSam
XitSam's picture

Private companies are allowed to pay their employees whatever the employer and employee agree upon. 

Wed, 11/19/2014 - 23:08 | 5468207 Pseudonymous
Pseudonymous's picture

 

If these companies were paying taxes, who do you think the cost would be passed off to?

Not only the direct and indirect customers of these corporations and other stakeholders.

The mere existence of any government that taxes anyone anywhere at all in a society is a cost by itself, suffered by everyone in the society.

Thu, 11/20/2014 - 00:46 | 5468488 Colonel Walter ...
Colonel Walter E Kurtz's picture

Does Gruber think most of the population understands who in the end pays taxes? Most of them think gubmint just has a stash of money that it greedily keeps to itself.  

Wed, 11/19/2014 - 20:19 | 5467701 NoWayJose
NoWayJose's picture

Don't worry, this will be taken care of after the dollar collapse and economic re-set.

Wed, 11/19/2014 - 20:28 | 5467725 sessinpo
sessinpo's picture

you still don't have a clue. These super wealthy will be off on their private jets and their assets protected by some off shore tax scheme.

History repeats itself again. And serfs like you and I get the shaft. The difference is you think a reset makes a difference. It only means the oligarchs change names. You and I still get fleeced.

Wed, 11/19/2014 - 21:29 | 5467910 Escrava Isaura
Escrava Isaura's picture

 

 

NoWayJose

Wrong on things will be taken care

Right on the dollar collapse

Wrong on reset

 

Wed, 11/19/2014 - 20:20 | 5467702 Bay of Pigs
Bay of Pigs's picture

But lets all focus on the flag waving and pumping up the Vets at the NFL games.

Protecting our freedom? No, dying for these overpaid fucks and their rotten outfits who dont even pay taxes.

Wed, 11/19/2014 - 20:43 | 5467776 Incubus
Incubus's picture

the american way.

 

 

Wed, 11/19/2014 - 20:25 | 5467705 EBT excepted
EBT excepted's picture

wud be wrong wid d'guioteen...den mebbe he ca see hid wifes head arreddy in d'basket...

Wed, 11/19/2014 - 20:22 | 5467709 ghengis86
ghengis86's picture

Who am I supposed to hate after reading this? Can someone please make up my mind for me, so I don't have to think critically?

Wed, 11/19/2014 - 20:26 | 5467723 EBT excepted
EBT excepted's picture

dey ain' no thinkin' needed, jus take d'munny n run...

Wed, 11/19/2014 - 20:27 | 5467726 Sleepless Knight
Sleepless Knight's picture

Solera - Really??????

Wed, 11/19/2014 - 20:37 | 5467752 Sheppy
Sheppy's picture

Two words : Consumption Tax

Wed, 11/19/2014 - 20:48 | 5467754 Sheppy
Sheppy's picture

Two words : Consumption Tax

so important it posted twice...

Wed, 11/19/2014 - 20:57 | 5467756 Bunga Bunga
Bunga Bunga's picture

In Soviet America, CEO is taxing YOU!

Wed, 11/19/2014 - 22:54 | 5468158 Pseudonymous
Pseudonymous's picture

Well, obviously some corporations are one with the government, thus Fascist America, which admittedly isn't much different in practice.

In some countries like Hong Kong it is even more obvious and direct, since the head of the government is officially called a chief executive, and the government is dependent on a communist government (PRC).

Wed, 11/19/2014 - 20:38 | 5467757 blindman
blindman's picture

uncle sam paid more than 60% of their corporate
balance sheets.

Wed, 11/19/2014 - 20:52 | 5467799 Sheppy
Sheppy's picture

looks good to me... if they weren't getting all that coin the names on the top of the list would sound like siverware hitting tile floors...and so would the names of ALL their employees. Careful what you wish for, you just might get it.

Wed, 11/19/2014 - 20:56 | 5467813 _SILENCER
_SILENCER's picture

I have zero problem with people getting wealthy. I have a hell of a problem with people getting wealthy via fraud.

Wed, 11/19/2014 - 21:48 | 5467949 q99x2
q99x2's picture

This is a problem for the banks. The people wouldn't get anything even it the corporations did pay more. And, the people that own the banks probably own the corporations. So what the hell.

Wed, 11/19/2014 - 21:51 | 5467958 q99x2
q99x2's picture

Banking is a violent crime.

Wed, 11/19/2014 - 22:07 | 5467992 Sub MOA
Sub MOA's picture

They pay taxes they just cut out the middle man and it's called

 

Bonuses

Thu, 11/20/2014 - 02:22 | 5468645 GoldIsMoney
GoldIsMoney's picture

So what? Should they spend on the war machinery of the US? That would be better? Strange idea about what might be good/bad.

Thu, 11/20/2014 - 08:27 | 5468999 jughead
jughead's picture

Where did this notion come from that Uncle Sam or any other government is entitled to moar from a company than what it pays its CEO?  What a bunch of statist socialist nonsense.

Thu, 11/20/2014 - 10:41 | 5469478 limacon
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