(Washington, DC) Of America’s 30 largest corporations, seven paid their CEOs more last year than they paid in federal income taxes, according to a report released today by the Institute for Policy Studies and the Center for Effective Government.
The report, Fleecing Uncle Sam, also looks at the 100 highest-paid CEOs in 2013, finding that 29 received more in pay than their company paid in federal income taxes up from 25 out of the top 100 in our 2010 and 2011 surveys. These 29 companies operate 237 subsidiaries in tax havens.
“Our corporate tax system is so broken that large, profitable firms can get away without paying their fair share and instead funnel massive funds into the pockets of top executives,” notes Scott Klinger, Director of Revenue and Spending Policies at the Center for Effective Government and a co-author of the report.
“Rather than handing out more perks through the ‘tax extenders,’ Congress should focus on cracking down on tax havens, eliminating wasteful corporate subsidies, and closing loopholes that encourage excessive CEO pay,” adds Sarah Anderson, IPS Global Economy Director and another report co-author.
Link to report and infographic: https://ips-dc.org/fleecing-uncle-sam/
The Institute for Policy Studies (IPS-DC.org) has conducted path-breaking research on executive compensation for 21 years. Recent related reports have received significant media coverage, including in CNN, Washington Post, Fortune, Reuters, WSJ Marketwatch, and Marketplace. IPS also provides a constant stream of inequality analysis and solutions through our online weekly Too Much and the website Inequality.org.
The Center for Effective Government is dedicated to advancing a government that protects people and the environment and encourages an engaged, informed citizenry. Find the Center for Effective Government on Facebook and Twitter.