NewsOne Featured Video

A new report released by the Institute for Policy Studies reveals that 25 CEOs of the richest firms in the U.S. earned more than their firms paid in taxes.

A direct result of tax shelters and clever accounting, many of these firms managed to escape filling the federal coffers by having some of their funds in offshore tax havens — and escaped with an average refund of $304 million.

The firms, which include Boeing, Ford, eBay, General Electric, Verizon and Prudential to name a few, made an average of $1.9 billion in global profits each in 2010.

“These CEOs are reaping awesomely lavish rewards for the tax-dodging they have their corporations do,” concluded the report from the liberal Institute for Policy Studies.

Read more at NYDailyNews


Obama reaches out to Wall Street to win back campaign cash