Mar 9, 2009
Everyone knows the pay of top corporate executives is outrageous. But just look at how outrageous: The CEO’s of the top 500 companies in the U.S. averaged 10½ million dollars each in 2007. Even worse, top executives at the 50 leading hedge and private equity funds, averaged 588 million dollars each! That’s about 19,000 times what an average worker made!
We paid twice for this incredible executive ripoff. First, out of our labor. But then, in our taxes, too! In 2007, companies got 20 billion dollars in deductions from their federal taxes for executive compensation – 20 billion dollars that the rest of us paid for either in our own taxes, or in cuts in government programs and services.