Sickening Stat o’ the Day: CEO Pay vs Corporate Taxes
- Joshua M Brown
- August 31st, 2011
I’m not big on raising taxes, but can we at least raise them for corporations that barely even pay any? Or do I have to keep paying more percentage-wise than the average multi-billion dollar government-bribery-machine in the Fortune 500? I mean…
I linked to this Reuters story this morning already but I just can’t let it go, the stats contained in it are beyond the bleeding edge of absurdity and have crossed over into societal parody…
Compensation for the 25 CEOs with pay surpassing corporate taxes averaged $16.7 million, according to the study, compared to a $10.8 million average for S&P 500 CEOs. Among the companies topping the IPS list:
* eBay whose CEO John Donahoe made $12.4 million, but which reported a $131 million refund on its 2010 current U.S. taxes.
* Boeing, which paid CEO Jim McNerney $13.8 million, sent in $13 million in federal income taxes, and spent $20.8 million on lobbying and campaign spending
* General Electric where CEO Jeff Immelt earned $15.2 million in 2010, while the company got a $3.3 billion federal refund and invested $41.8 million in its own lobbying and political campaigns.
You’ll also be delighted to hear that the same study found companies were spending more on lobbying than on paying taxes as well. Phenomenal.
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The Reformed Broker is a blog about financial markets and the economy. Joshua Brown is a New York City-based investment advisor for high net worth individuals, charitable foundations, retirement plans and corporations... More.