From POLITICO:
One-fourth of the highest-paid CEOs in the United States made more money last year than their companies paid in taxes, according to a report on Wednesday.
For the 25 CEOs whose earnings exceeded their company’s federal income tax, pay averaged $16.7 million, a study by the left-leaning think tank the Institute for Policy Studies founds. The report also revealed that many of the firms spent far more on lobbying than on taxes….
The report revealed eBay paid CEO John Donahoe $12.4 million — but reported a $131 million refund on its 2010 federal income taxes. And at General Electric, where CEO Jeff Immelt raked in $15.2 million, the company received a $3.3 billion refund and dropped $41.8 million on lobbying and political campaigns. And at Boeing, CEO Jim McNerney takes home $13.8 million, while the company paid $13 million in taxes and spent $20.8 million on lobbying in 2010…
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