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Banks Get Tax Deductions for Paying Out Huge Bonuses to Execs

Thursday, October 13, 2016 0:21
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(Before It's News)

Banks Get Tax Deductions for Paying Out Huge Bonuses to Execs

By: Mark Karlin
Date: 2016-09-01

The Institute for Policy Studies in Washington, DC released a report yesterday that details how taxpayers are subsidizing banks and massive CEO bonuses. The 34-page “Executive Excess 2016: The Wall Street CEO Bonus Loophole” confirms that Wall Street financial firms and their executives make out like bandits at the expense of everyday taxpaying Americans:

The more U.S. corporations hand out in CEO bonuses, the less they pay in taxes. This is the result of a loophole that allows firms to write off unlimited amounts of executive pay from their federal taxes, as long as it is in the form of so-called “performance-based” compensation.

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