26 companies paid more to their CEOs in 2011 than they did Federal Taxes …

Originally saw this story on Boing-Boing – but it refers to a study by the Institute for Policy Studies on CEO salaries. (Note to CSM – you have very poor linking policies.)

The study puts CEO salaries into perspective:

Nationwide, budget cuts have axed 627,000 public service jobs just since June 2009. Schools, health clinics, fire stations, parks, and recreation facilities—virtually no public service has gone unsqueezed. Tax dollars haven’t seemed this scarce in generations.

Yet, despite the austerity in public funds:

Our nation’s tax code has become a powerful enabler of bloated CEO pay.  Some tax rules on the books today essentially encourage corporations to compensate their executives at unconscionably higher multiples of what their average workers are paid.

Among the highlights are these two gems:

  • The CEOs of these 26 firms received $20.4 million in average total compensation last year. That’s a 23 percent increase over the average for last year’s list of 2010’s tax dodging executives
  • The four most direct tax subsidies for excessive executive pay cost taxpayers an estimated $14.4 billion per year—$46 for every American man, woman, and child. That amount could also cover the annual cost of hiring 211,732 elementary-school teachers or creating 241,593 clean-energy jobs.

Worth a read – the report is a free PDF download from here.

 

Major American firms pay more in CEO compensation than they do in fed tax – Boing Boing

Companies paid CEOs more than they paid in taxes

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