Boeing Co, Ford Motor Co, Chevron Corp, Citigroup Inc., Verizon Communications Inc., JPMorgan Chase & Co., and General Motors Co.
Seven of the 30 largest U.S. corporations paid more money to their chief executive officers last year than they paid in U.S. federal income taxes, according to a study released on Tuesday that was disputed by at least one of the companies.
Amid talk in Washington about corporate tax reform, the study said the seven companies, which in 2013 reported more than $74 billion in combined U.S. pre-tax profits, came out ahead on their taxes, gaining $1.9 billion more than they owed.
At the same time, the CEOs at each of the seven companies last year was paid an average of $17.3 million, said the study, compiled by two Washington think tanks.
The seven companies cited were Boeing Co (>> The Boeing Company), Ford Motor Co (>> Ford Motor Company), Chevron Corp (>> Chevron Corporation), Citigroup Inc (>> Citigroup Inc), Verizon Communications Inc (>> Verizon Communications Inc.), JPMorgan Chase & Co (>> JPMorgan Chase & Co.) and General Motors Co (>> General Motors Company).
The Institute for Policy Studies and the Center for Effective Government, the study’s co-authors, said its findings reflected “deep flaws in our corporate tax system.”