CEO Pay vs. Corporate Taxes

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Twenty five CEOs of America's top companies earned more money than their companies paid in taxes last year, according to the Institute for Policy Studies' Executive Excess report. See below for the full list.

International Paper
John Faraci
CEO compensation: $12.3 million
U.S. federal income taxes: $249 million refund

Prudential
John Strangfeld
CEO compensation: $16.2 million
U.S. federal income taxes: $722 million refund

Verizon
Ivan Seidenberg
CEO compensation: $18.1 million
U.S. federal income taxes: $705 million refund

Bank of New York Mellon
Robert Kelly
CEO compensation: $19.4 million
U.S. federal income taxes: $670 million refund

Boeing
Jim McNerney
CEO compensation: $13.8 million
U.S. federal income taxes: $13 million

Marsh & McLennan
Brian Duperreault
CEO compensation: $14 million
U.S. federal income taxes: $90 million refund

Stanley Black & Decker
John Lundgren
CEO compensation: $32.6 million
U.S. federal income taxes: $75 million refund

Chesapeake Energy
Aubrey McClendon
CEO compensation: $21 million
U.S. federal income taxes: $0

eBay
John Donahoe
CEO compensation: $12.4 million
U.S. federal income taxes: $131 million refund

Ford
Alan Mulally
CEO compensation: $26.5 million
U.S. federal income taxes: $69 million refund

Aon
Gregory Case
CEO compensation: $20.8 million
U.S. federal income taxes: $16 million

Coca-Cola Enterprises
John F. Brock
CEO compensation: $19.1 million
U.S. federal income taxes: $8 million

Dow Chemical
Andrew Liveris
CEO compensation: $17.8 million
U.S. federal income taxes: $576 million refund

Ameriprise
James Cracchiolo
CEO compensation: $16.3 million
U.S. federal income taxes: $224 million refund

Honeywell
David Cote
CEO compensation: $15.2 million
U.S. federal income taxes: $471 million refund

General Electric
Jeff Immelt
CEO compensation:
$15.2 million
U.S. federal income taxes: $3.3 billion refund

Alleghany Technologies
Patrick Hassey
CEO compensation: $15 million
U.S. federal income taxes: $47 million refund

Mylan Laboratories
Robert Coury
CEO compensation: $15 million
U.S. federal income taxes: $73 million refund

Capitol One Financial
Richard Fairbank
CEO compensation: $14.9 million
U.S. federal income taxes: $152 million refund

Wynn Resorts
Steve Wynn
CEO compensation: $14.6 million
U.S. federal income taxes: $0

Motorola Solutions
Gregory Q. Brown
CEO compensation: $14 million
U.S. federal income taxes: $7 million

Nabor Industries
Eugene Isenberg
CEO compensation: $13.5 million
U.S. federal income taxes: $138 million refund

Qwest Communications
Edward Mueller
CEO compensation: $13.4 million
U.S. federal income taxes: $14 million refund

Cablevision Systems
James Dolan
CEO compensation: $13.2 million
U.S. federal income taxes: $3 million refund

Motorola Mobility
Sanjay Jha
CEO compensation: $13 million
U.S. federal income taxes: $12 million

Source: Institute for Policy Studies

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billybuttlooker

ALL REPUBLICANS I BET

August 31 2011 at 3:22 PM Report abuse rate up rate down Reply
arounsifer

Business as usual..

August 31 2011 at 2:38 PM Report abuse +1 rate up rate down Reply
jspe7

hey, do not worry about all these corporations paying NO TAXES at all, and huge compensation packages to their CEOs. Since this country is in such a financial hole, courtesy of the Bush Great Recession, any money that may be needed can easily be made up by cutting Medicare (those old farts do not need it anyway) Social security Again those old farts taking advantage of the government, thinking that it is their money just because they paid for it all their working lives----it is an "entitlement, as the Republicans so wisely put it. We can then cut Medicaid for the poor (those leeches, trying to take money from corporate America), do away with all federal agencies, no more unemployment checks, no more minimum wage, etc, and America will once more be great again, giving the rich more tax breaks, not closing tax loopholes and giving TENS OF BILLIONS in subsidies to oil companies (those poor things)
WAKE UP AMERICA

August 31 2011 at 12:52 PM Report abuse rate up rate down Reply
williamrenate

This article justifies the need for a flat tax

August 31 2011 at 12:45 PM Report abuse rate up rate down Reply
1 reply to williamrenate's comment
jspe7

No, I share your concern, but a flat tax is not the answer. The flat tax which at first seems to be fair, is not fair to the poor and middle america, since the same tax would be paid on an item such as a bottle of milk, or a lawn mower, or anything by everyone. This means that the middle class would be paying a much higher percentage of their money than the rich would.
If working Americans pay 1 dollar in taxes for ever gallon of gas they buy, it would mean NOTHING to the rich, but would be a burden on the poor and the middle class----the rich do not care if gas was at 10 dollars a gallon,they would still fill up their Jaguars and Mercedes and their yachts

August 31 2011 at 2:29 PM Report abuse rate up rate down Reply
kenneth

Interesting article which highlights several problems:
1) Excessive executive compensation, determined by hand-picked "compensation committees"
2) Overly complex tax code, full of subsidies, exemptions, special treatments, etc.
3) Incompetent treatment of foreign earnings (which can be sheltered from US taxes by keeping them offshore
4) Incompetent Congress (actually successive Congressives)--remember Charlie Rangel was Chairman of the House Ways and Means Committee, until he was exposed as a tax cheat

I do note that most of the companies listed actually got refunds, which means that they had previously paid taxes which they ultimately did not owe. GE, for example, lost billions on its Consumer Credit business. These monies were and are entitled to tax-loss carry-backs under the tax code, which, in my opinion, are entirely appropriate.

Is the answer to ban international companies? That is, for example, GE would only be allowed to conduct business in the US, on which it would pay taxes at the statutory rate of 35%. Any "foreign business" would have to be conducted by companies spun off from GE and conducted entirely outside the IS.

August 31 2011 at 11:45 AM Report abuse rate up rate down Reply
Artie

It is hard to imagine why GE, one of the largest conglomerates on the planet, is owed such a huge ($3.3.Billion!) refund.At the same time, it is already understood that some of these top CEO's compensation is so off the chart ridiculous as to be reprehensible ....especially when their companies are losing money. Tax laws have become so comple, compartmentalized and specialized that it is totally beyond comprehension of even reasonably intelligent people.. The laws are deliberately made overly complex and vague. This way the "wise guys" can play there games. Add to this the "black hole" of off-the- books record keeping and blind alleys like the use of tax haven countries where the IRS can't get real financial information on some of these "wise guys." If a multinational corporation or even an extremely wealthy individual is using one of these tax havens, you know they are hiding money, laundering money or dodging tax laws. If found out and they are US corps or US citizens they or the CEO's should be thrown in jail. You also have "special interest group " loop holes and tax consessions to certain industries ...particularly "big oil.". However, these multinational corporations and their representatives,especially in the GOP, still like to cry the blues. The entire tax system of the USA is in dire need of being simplified and overhauled. However, there are too many people with vested interests in maintaining the status quo and who pull all the political strings that I don't expect to see this happen in my life time.

August 31 2011 at 10:45 AM Report abuse rate up rate down Reply
cautomo200

We just need a national "federal" sales tax". Tax only when you spend...Eliminate the whole deduction, credit, refund, witholding & most all of the IRS & the red tape. It a simple system...you can earn & save every dollar, but you will pay a point of sale tax of something like 15%...and yes you can exempt things like food staples for people in low income situatons. And if you want to import items from outside the country, you will have to pay the tax. I beleive this will fix a huge problem with our tax system. Just think you will get a bigger paycheck, won't have to file a return, wont have to wait for a refund, won't get taxed on your earnings or gains....

August 31 2011 at 10:30 AM Report abuse +1 rate up rate down Reply
rcyrilj

This is a typical misinformation article --

First, most of the companies listed are international which means they earn a portion of their profits (in many cases the majority) in other countries and pay taxes in those countries,

Second -- Businesses are required to pay quarterly estimated taxes so if they got a refund it just means that they over payed their estimated taxes - the article does not say how they paid during the year in these estimated taxes.

August 31 2011 at 10:29 AM Report abuse rate up rate down Reply
joethightwad

Yet many attempt to argue that American corporations are over taxed! We should be less concerned about the PIIGS of Europe and pay more attention to the pigs in our own backyard

August 31 2011 at 10:07 AM Report abuse rate up rate down Reply