Executives Pushing Budget Cuts Rake In Millions From Tax Loophole

http://thinkprogress.org/economy/2013/05/02/1953261/fix-the-debt-millions-tax-loophole/

By Bryce Covert posted from ThinkProgress Economy on May 2, 2013

Fix the Debt, a group of CEOs at some of the country’s largest corporations, has been pushing an anti-debt agenda with stern warnings about the urgent need for deficit reduction. But many of its members have benefitted from a loophole in the tax code that has allowed them to deduct “performance pay” from their executive salaries and thus avoid paying millions in taxes.

A new report from the Institute for Policy Studies and Campaign for America’s Future finds that 90 member firms took in somewhere between $953 million and $1.6 billion through the ability to deduct performance pay from corporate taxes between 2009 and 2011. The report includes the biggest winners of this loophole:

– UnitedHealth GroupFix the Debt, a group of CEOs at some of the country’s largest corporations, has been pushing an anti-debt agenda with stern warnings about the urgent need for deficit reduction. But many of its members have benefitted from a loophole in the tax code that has allowed them to deduct “performance pay” from their executive salaries and thus avoid paying millions in taxes.

A new report from the Institute for Policy Studies and Campaign for America’s Future finds that 90 member firms took in somewhere between $953 million and $1.6 billion through the ability to deduct performance pay from corporate taxes between 2009 and 2011. The report includes the biggest winners of this loophole:

– UnitedHealth Group

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