Dozens of big U.S. companies paid top executives more than they paid in federal taxes, report says
CBSN
Top executives of dozens of major U.S. companies received more in their compensation packages from 2018 to 2022 than the businesses paid in federal taxes, according to a new analysis of financial data from the Institute for Policy Studies (IPS) and Americans for Tax Fairness (ATF).
The report highlights the issue of whether some America's biggest and most profitable companies are carrying their weight, and comes as President Joe Biden is proposing to boost the corporate tax rate to 28%, up from the 21% rate set under the 2017 Tax Cuts and Jobs Act (TCJA).
The analysis, which examined tax and compensation data for the first five years after the TCJA went into effect, seeks to link generous pay packages for top executives with the lower tax rates that corporations have enjoyed since 2018. Pay for corporate leaders has been on the rise for decades, with CEOs in 2022 earning about 344 times more than the typical worker, up from a ratio of 21-to-1 in 1965, according to the left-leaning Economic Policy Institute.
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