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Banks Get Tax Deductions for Paying Out Huge Bonuses to Execs
Banks Get Tax Deductions for Paying Out Huge Bonuses to Execs
http://www.truth-out.org/buzzflash/commentary/banks-get-tax-deductions-for-paying-out-huge-bonuses-to-execs-new-report-reveals
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.
Source: http://vaticproject.blogspot.com/2016/10/banks-get-tax-deductions-for-paying-out.html
