The Institute for Policy Studies released its 19th annual list of companies that pay their CEOs more than they pay in taxes. How did this work out? Usually the companies on these lists got a net refund from Uncle Sam in 2011. Not even Mitt Romney has pulled that off (in one year at least)!
Here are some of their findings (copied from the think-tank's website)
- Of last year's 100 highest-paid US corporate chief executives, 26 took home more in CEO pay than their companies paid in federal income taxes, up from the 25 we noted in last year's analysis. Seven firms made the list in both 2011 and 2010.
- The CEOs of these 26 firms received $20.4 million in average total compensation last year. That's a 23% 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.
- CEOs have benefited enormously from the Bush tax cuts for upper-income taxpayers. Last year, 57 CEOs saved more than $1 million on their personal income tax bills, thanks to these Bush-era cuts.
Here is the list of companies whose CEOs are getting more than the Treasury.
Abbott Laboratories (ABT)
CEO: Miles White
Global Profits: $4.728 billion
Total CEO Compensation: $19,001,766
US Corporate Income Tax: $586 million refund
Advanced Micro Devices (AMD)
CEO: Rory Read
Global Profits: $491 million
Total CEO Compensation: $15,610,351
US Corporate Income Tax: $3 million refund
Altera (ALTR)
CEO: John P. Daane
Global Profits: $771 million
Total CEO Compensation: $29,576,725
US Corporate Income Tax: $22 million
AIG (AIG)
CEO: Robert H. Benmosche
Global Profits: $17.798 billion
Total CEO Compensation: $13,955,605
US Corporate Income Tax: $208 million refund
Anadarko Petroleum (APC)
CEO: James T. Hackett
Global Losses: $2.649 billion
Total CEO Compensation: $19,489,285
US Corporate Income Tax: $381 million refund
AT&T (T)
CEO: Randall L. Stephenson
Global Profits: $3,944
Total CEO Compensation: $18,690,824
US Corporate Income Tax: $420 refund
Boeing (BA)
CEO: W. James McNerney Jr.
Global Profits: $4.018 billion
Total CEO Compensation: $18,403,303
US Corporate Income Tax: $420 million refund
Broadcom (BRCM)
CEO: Scott A. McGregor
Global Profits: $927 million
Total CEO Compensation: $16,076,291
US Corporate Income Tax: $0
Chesapeake Energy (CHK)
CEO: Aubrey McClendon
Global Profits: $1.742 billion
Total CEO Compensation: $17,868,076
US Corporate Income Tax: $13 million
Citigroup (C)
CEO: Vikram Pandit
Global Profits: $11.067 billion
Total CEO Compensation: $14,857,103
US Corporate Income Tax: $144 million refund
Cooper Industries (CBE)
CEO: Kirk S. Hachigian
Global Profits: $828 million
Total CEO Compensation: $21,116,678
US Corporate Income Tax: $29 million refund
Danaher (DHR)
CEO: H. Lawrence Culp Jr.
Global Profits: $2.172 billion
Total CEO Compensation: $21,650,117
US Corporate Income Tax: $6 million refund
Devon Energy (DVN)
CEO: John Richels
Global Profits: $4.704 billion
Total CEO Compensation: $13,875,668
US Corporate Income Tax: $143 million refund
FirstEnergy (FE)
CEO: Anthony Alexander
Global Profits: $885 million
Total CEO Compensation: $14,413,389
US Corporate Income Tax: $243 million refund
Ford (F)
CEO: Alan Mulally
Global Profits: $20.213 billion
Total CEO Compensation: $29,497,572
US Corporate Income Tax: $4 million refund
Halliburton (HAL)
CEO: David J. Lesar
Global Profits: $2.839 billion
Total CEO Compensation: $15,839,378
US Corporate Income Tax: $1.026 billion refund
International Paper (IP)
CEO: John V. Faraci
Global Profits: $1.341 billion
Total CEO Compensation: $13,907,447
US Corporate Income Tax: $78 million refund
Leucadia National (LUK)
CEO: Ian Cumming
Global Profits: $68 million
Total CEO Compensation: $28,177,211
US Corporate Income Tax: $0
Marathon Oil (MRO)
CEO: Clarence P. Cazalot Jr.
Global Profits: $2.946 billion
Total CEO Compensation: $29,911,662
US Corporate Income Tax: $210 million refund
Marsh and McLennan (MMC)
CEO: Brian Duperreault
Global Profits: $993 million
Total CEO Compensation: $14,285,946
US Corporate Income Tax: $7 million
Motorola Mobility (MMI)
CEO: Sanjay Jha
Global Losses: $249 million
Total CEO Compensation: $47,152,687
US Income Tax: $0
Motorola Solutions (MSI)
CEO: Gregory Brown
Global Profits: $1.158 billion
Total CEO Compensation: $29,313,864
US Income Tax: $2 million
Newell Rubbermaid (NWL)
CEO: Michael Polk
Global Profits: $125 million
Total CEO Compensation: $18,872,706
US Income Tax: $37 million refund
Salesforce.com (CRM)
CEO: Marc Benioff
Global Losses: $1.426
Total CEO Compensation: $17,714,306
US Income Tax: $9 million
Travelers Companies (TRV)
CEO: Jay Fishman
Global Profits: $1.426 billion
Total CEO Compensation: $15,837,099
US Income Tax: $176 million refund
Tyco International (TYC)
CEO: Edward Breen
Global Profits: $17.355 billion
Total CEO Compensation: $16,499,622
US Income Tax: $4 million refund
Twitter: @vincent_trivett
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