AT&T, Abbbot Labs, Citigroup and others pay their CEOs more than they pay in taxes
Some U.S. companies pay more to CEOs than to Uncle Sam - study
Thu Aug 16, 2012 9:31am IST
By Nanette Byrnes
Aug 16 (Reuters) - Citigroup, Abbott Laboratories, and AT&T are among the 26 companies that paid more to their CEOs in 2011 than they did in U.S. federal taxes, according to a study released on Thursday.
Tax breaks on research and development, past losses, and foreign-held earnings were among those lightening the tax load for many companies on the list, said the Institute for Policy Studies, a left-leaning think tank in Washington, D.C.
Citi, Abbott and AT&T all took issue with the institute's methodology. All three said they paid all taxes owed in 2011.
During a presidential election cycle in which wealth and taxes are often debated, the study's authors said the U.S. tax code has become an enabler of large CEO pay, while also offering companies ways to reduce their tax bills.
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http://in.reuters.com/article/2012/08/16/tax-ceo-idINL2E8JF5CL20120816