Jeff Immelt advising Obama on jobs that pay a lot less than he makes
Daylife/Reuters Pictures used by permission
The 25 highest paid US chief executives earned more last year than their companies paid in federal income tax, a study has said.
The average annual remuneration of the 25 bosses was $16.7 million, the left-leaning think tank Institute for Policy Studies (IPS) found. One chief executive on its list is General Electric’s Jeff Immelt, who the IPS said was paid $15.2 million in 2010 while his firm got a $3.3 billion tax refund…
Its spokesman said the study did not include significant federal income taxes paid in 2010 for previous years…
Other bosses on the IPS list are those of eBay and Boeing…
The IPS said two thirds of the 25 bosses were the heads of companies that utilised offshore subsidiaries in tax havens such as Bermuda, Singapore and Luxembourg.
IPS senior scholar and co-author of the report Chuck Collins said: “I think it’s an exposure of weakness in a company if their profitability is dependent on their accounting department and not on making better widgets.”
The think tank also found many of the firms spent more on lobbying politicians than they did on taxes.
The IPS said Boeing spent $20.8 million on lobbying, while paying only $13 million in federal income taxes.
I know, I know. I mean surprised that there were only 25 in the study getting away with this?