A new report from the Institute for Policy Studies and Campaign for America's Future shows that the CEOs who run the 90 corporations in the '"Fix the Debt" coalition, which advocates for cuts to earned benefits like Social Security while reducing tax rates for, well, themselves, accept massive subsidies from the U.S. government. The amount they have taken in subsidies ranges from a possible low of $953 million to a possible high of $1.6 billion. The AFL-CIO's Executive PayWatch covers related issues.
Among the key findings from the report:
- The "Fix the Debt" corporations paid their CEOs and high-ranking executives a total of $6.3 billion from 2009-2011.
- Because of a "performance pay" tax loophole, corporations can deduct these large payouts from their income taxes, effectively leading to taxpayer subsidies of CEO pay.
- These CEOs have aggressively called for cuts to lifelines like Social Security and Medicare that benefit the taxpayers who are subsidizing them.
- Many of these CEOs also use tax havens and other accounting tricks that allow them to avoid paying their fair share of taxes and add to the deficit and debt.
- Corporations are not required to disclose executive compensation.