By: Mark Karlin
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.