Economy

CHART: Treasury Loses Billions Of Dollars Due To Tax Deductions For Executive Bonuses

CREDIT:

According to a new report by Temple University accounting professor Steven Balsam, the federal government lost $30.4 billion between 2007 and 2010 thanks to corporations taking tax deductions for executive compensation, including nearly $17 billion for “performance based” bonuses. This revenue loss has occurred despite efforts to limit the tax deductibility of executive pay, as companies take advantage of loopholes and weak restrictions. At the moment, it would take the typical American worker 244 years to make the amount made by the average CEO in one year.