By Scott Klinger for Inequality.org. Top U.S. corporations are still in the process of reporting their 2015 CEO compensation, but filings to date reveal that more than 60 Fortune 500 corporations have paid their CEOs more than they paid in federal corporate income taxes.
“These companies reflect the rampant practice among large U.S. corporations of avoiding taxes, leaving ordinary American families to pick up the tab.”
HP Inc. (formerly Hewlett Packard), for example, pulled in $3.87 billion in federal contracts in 2015. Yet the company paid no taxes on its $373 million in U.S. pre-tax profits and instead claimed $324 million in tax rebates from the IRS. The company paid its CEO, Meg Whitman, $17.1 million last year.Five of these firms stand out as recipients of major government contracts and bailouts. In other words, they’re double-dipping — taking taxpayer support while stiffing Uncle Sam at tax time.