Corporate Tax Dodging
CEOs Get Paid More Than Uncle Sam
By Kimberly Cheng for HUSTLER Magazine
CEOs nationwide are reaping lavish rewards for their aggressive tax dodging. Of America’s 100 corporations with the highest-paid CEOs, 25 paid their top executives more in compensation than they did in 2010 federal income taxes. These 25 CEOs averaged a salary of $16.7 million.
The most profitable of all the firms? General Electric. In 2010, GE alone received tax refunds of $3.3 billion despite a whopping $5.1 billion in U.S. pre-tax profits. CEO Jeff Immelt’s 2009 compensation nearly doubled in 2010 as he raked in $15.2 million. Meanwhile, GE shut down 31 factories, reduced its workforce by 19,000 and cut pay and benefits for employees. GE also surpassed all other corporations in lobbying and political campaign spending. Its total investment in swaying politics to their advantage: $41.8 million.