With a report recently released claiming that Wall Street CEOs paid less in taxes than their whole corporations earned last year, the attention has turned to President Obama and his relationships with these bigwigs in campaign raising season.
Out of the 25 CEOs mentioned in the Institute for Policy Studies report, ten have relationships with Obama.
All told, these 10 CEOs with Obama connections brought in over $158 million for themselves last year. Their companies’ federal tax bill, however, was a combined net benefit of $5.4 billion — meaning the federal government actually owed these companies billions of dollars. Eight of the 10 firms not only did not pay taxes, they received large refunds. The 10 companies scored combined U.S. profits of $26.8 billion.