26 major American companies paid more to their CEOs than they paid in taxes in 2011, including Citigroup, Abbott Labs, and AT&T. This from a study published by the Institute for Policy Studies entitled Executive Excess 2012: The CEO Hands in Uncle Sam’s Pocket. They note that this figure has climbed since last year. Reuters’s Nanette Byrnes reports:
Among companies topping the institute’s list:
* Citigroup, the financial services giant, with a tax refund of $144 million based on prior losses, paid CEO Vikram Pandit $14.9 million in 2011, despite an advisory vote against it by 55 percent of shareholders.
* Telecoms group AT&T paid CEO Randall Stephenson $18.7 million, but was entitled to a $420 million tax refund thanks to billions in tax savings from recent rules accelerating depreciation of assets.
* Drugmaker Abbott Laboratories paid CEO Miles White $19 million, while garnering a $586 million refund. Abbott has 64 subsidiaries in 16 countries considered by authorities to be tax havens, the institute said.
