International Paper Company
CEO compensation: $12.3 million U.S. federal income taxes: $249 million refund
John Faraci received a 75 percent pay hike in 2010 pocketing $12.3 million.
CEO compensation: $16.2 million U.S. federal income taxes: $722 million refund
John Strangfeld the company pocketed mega millions in tax refunds through an initiative intended to create jobs and better housing in low-income communities.
CEO compensation: $15.2 million
U.S. federal income taxes: $3.3 billion refund Last year the firm reaped $3.3 billion in federal income tax refunds, despite more than $5 billion in U.S. profits.
CEO compensation: $18.1 million
U.S. federal income taxes: $705 million refund Verizon was given a tax refund despite earning $11.9 billion in pre-tax U.S. profits – the highest among the 25 firms highlighted in this report.
Bank of New York Mellon
CEO compensation: $19.4 million
U.S. federal income taxes: $670 million refund CEO Robert Kelly took home $19.4 million in 2010 while the bank claimed a $670 million federal tax refund, despite $2.4 billion in U.S. pre-tax income.
CEO compensation: $13.8 million
U.S. federal income taxes: $13 million In 2010, Boeing U.S. pre-tax income spiked to $4.3 billion while Boeing's CEO Jim McNerney paycheck topped 6% what the company paid in federal income taxes.
Marsh & McLennan
CEO compensation: $14 million
U.S. federal income taxes: $90 million refund Marsh & McLennan has lowered its IRS bill by registering 105 subsidiaries in 20 countries considered tax havens.
Stanley Black & Decker
CEO compensation: $32.6 million
U.S. federal income taxes: $75 million refund No company awarded its chief executive with a larger paycheck than Stanley Black & Decker. CEO John Lundgren last year enjoyed a 253% pay increase.
CEO compensation: $21 million
U.S. federal income taxes: $0 Chesapeake Energy paid nothing in federal taxes in 2010, despite $1.7 billion in U.S. pre-tax profits.
CEO compensation: $12.4 million
U.S. federal income taxes: $131 million refund Last year the firm received a $131 million tax refund, despite U.S. pre-tax profits of $848 million.
Corporations don't dodge taxes, the people who run corporations do. And these CEOs are reaping awesomely lavish rewards for the tax dodging they have their corporations do.
In fact, corporate tax dodging has gone so out of control that 25 major U.S. corporations last year paid their chief executives more than they paid Uncle Sam in federal income taxes.
More on Executive Excess
Sign up for Too Much
weekly newsletter on inequality and excess.
Tell Congress: No More Corporate Tax Havens
“I’m tired of Congress enabling these corporate tax cheats. It’s long past time to pass the Stop Tax Havens Abuse Act.”
Add your voice and receive periodic updates about IPS' economic initiatives.
Petition delilvered in partnership with
The Other 98% and US Uncut. Share This
Is this important to you? Please share!