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bany, N.Y., defense attorney and former sex-crimes prosecutor who has been following the Penn State case.
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Study says 26 'kingpin' CEOs made more last year than their companies paid in federal tax
• NEW YORK (AP) -- Twenty-six big U.S. companies paid their CEOs more last year than they paid the federal government in tax, according to a study released Thursday by a liberal-leaning think tank.
• The study, by the Institute for Policy Studies, said the companies, including AT&T, Boeing and Citigroup, paid their CEOs an average of $20.4 million last year while paying little or no federal tax on ample profits, according to regulatory filings.
• On average, the 26 companies generated net income of more than $1 billion in the U.S., the study said.
• The study blasted tax rules allowing unlimited deductions for CEO "performance-based" pay, like many stock options. It said the five biggest performance payers among the 26 companies took $232 million of these deductions last year.
• Among the "kingpins" it criticized was CEO James McNerney Jr. of Boeing. It said he got $18.4 million in pay last year while his company received a tax refund of $605 million.
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