Seven of the 30 largest U.S. corporations paid their CEOs more last year than they paid in federal income taxes, according to a new report.
The study found that those seven companies — Boeing Co, Ford Motor Co, Chevron Corp, Citigroup Inc, Verizon Communications Inc, JPMorgan Chase & Co and General Motors Co. — reported a tax rate of -2.5 percent despite claiming more than $74 billion in combined pre-tax profits.
They paid their chief executives an average of $17.3 million, according to the study by two Washington think tanks — the Institute for Policy Studies and the Center for Effective Government.
The number of American companies that pay their chief executives more than they pay Uncle Sam is growing, researchers found.
The recently released report, “Fleecing Uncle Sam,” found that 29 of the 100 highest-paid CEOs were paid more in 2013 than the corporations they oversee paid in federal income tax.
That’s up from 25 of the top 100 in 2010 and 2011 surveys.
“Our corporate tax system is so broken that […]