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Verizon is among seven of America’s largest companies that pay their CEOs more than they pay in federal taxes each year, according to a new study.
The report from The Institute for Policy Studies and the Center for Effective Government says that the CEOs at the seven companies last year were paid an average of $17.3 million, Reuters noted.
The report’s authors say their findings reflected “deep flaws in our corporate tax system.” In terms of actual taxes paid, the study says that the seven companies gained $1.9 billion more than they owed, which was $74 billion combined in U.S. pretax profits.
Verizon responded by saying it paid $422 million in income taxes in 2013.
“We do not provide a breakdown between federal vs. state in that total; however, I am confirming for you that the federal portion of that number is well more than Verizon’s CEO’s compensation,” a spokesman told Reuters via email.
The other six companies cited in the report were Boeing, Ford, Chevron, Citigroup, JPMorgan Chase and General Motors.