Seven US firms paid CEOs more than they paid in tax
20 November 2014
Posted by: Author: Reuters
With an average remunration of $17.3m
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 study released on Tuesday that was disputed by at least one of the companies.
Amid talk in Washington about corporate tax reform, 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.
At the same time, the CEOs at each of the seven companies last year was paid an average of $17.3 million, said the study, compiled by two Washington think tanks.
The seven companies cited were Boeing Co, Ford Motor Co, Chevron Corp, Citigroup Inc, Verizon Communications Inc, JPMorgan Chase & Co and General Motors Co.
The Institute for Policy Studies and the Center for Effective Government, the study's co-authors, said its findings reflected "deep flaws in our corporate tax system."
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This article first appeared on moneyweb.co.za.