Report: 25 firms paid more in CEO pay than taxes
Twenty-five of the 100 largest U.S. corporations paid their chief executives more last year than they paid in federal income taxes, according to a report released Wednesday.
The nonprofit Institute for Public Accuracy says the 25 CEOs averaged $16.7 million in salary and other 2010 compensation.
Most of the companies they ran, meanwhile, came out ahead at tax time. They collected tax refunds that averaged $304 million, based on a review of public filings. The think tank says the 25 firms that paid out more in CEO compensation than U.S. taxes reported average global profits of $1.9 billion.
The institute, based in San Francisco, describes itself as a national consortium of independent analysts and activists with progressive views who work with social movements to challenge corporate influence and military power.