The cash-strapped federal government needs all the revenue it can get--but that hasn't stopped some companies from doing their utmost to reduce their tax bills.
A new study finds that at least 25 major U.S. firms paid less in corporate taxes last year than they paid their CEO, the New York Times reports. Among the companies: General Electric, Boeing, and Verizon.
The Times reported earlier this year that G.E. paid no corporate taxes in 2010
Congress and the Obama administration are considering an overhaul of the corporate tax code designed to raise more revenue. That plan would lower the statutory corporate tax rate of 35 percent, and simplify the maze of tax breaks and loopholes that big companies are increasingly taking advantage of.
The CEOs of the 25 companies took home an average pay package of more than $16 million a year. G.E. CEO Jeff Immelt chairs President Obama's advisory council on job creation.
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