Thursday, May 2, 2013

UPDATE: Daily Kos: "Fix the Debt" CEOs Enjoy Taxpayer-Subsidized Pay

Daily Kos: "Fix the Debt" CEOs Enjoy Taxpayer-Subsidized Pay:


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"Fix the Debt" CEOs Enjoy Taxpayer-Subsidized Pay

Two important progressive organizations, the Institute for Policy Studies and the Campaign for America's Future, today jointly released Fix the Debt" CEOs Enjoy Taxpayer-Subsidized Pay.  You will at that link find a description of this new report, and link to download the PDF.
Fix The Debt was cofounded by Alan Simpson and Erskine Bowles, and is very proud of its CEO Fiscal Leadership Council.  Yet while these CEOs call for call for cuts to Social Security, Medicaid, and more, they continue to benefit from subsidized pay.
The report is the first to put a price tag on the tax breaks specific corporations have enjoyed from a loophole that allows unlimited deductions for executive stock options and other “performance-based” pay.
Among the key findings from the report ‘Fix the Debt’ CEOs Enjoy Taxpayer-Subsidized Pay:
•       The 90 publicly held corporate members of the ‘Fix the Debt’ lobby group raked in at least $953 million — and as much as $1.6 billion — from the “performance pay” loophole between 2009-2011.
•       UnitedHealth Group enjoyed the biggest taxpayer subsidy for its CEO pay largesse during this period. The nation’s largest HMO paid CEO Stephen Hemsley $199 million in total compensation, of which at least $194 million was fully deductible “performance pay.” That works out to a $68 million taxpayer subsidy – just for one 

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