AT&T is one of 26 companies that paid their CEOs more than they paid in taxes last year according to a a new study by the Instititute for Policy Studies, says DSL Reports.
In 2011, AT&T paid CEO Randall Stephenson $18.7 million, while getting a $420 million refund, according to the report (pdf).
The study said AT&T used accelerated depreciation to save $5.2 billion on its 2011 taxes while paying CEO Randall Stephenson $18.7 million last year.
Sarah Lubman, an AT&T spokeswoman, said the point of accelerated depreciation is to encourage companies to make investments. She said AT&T made $20 billion in investments last year, helping to “drive the economy and support good-paying jobs.”
She also said that the deductions won’t be available to take in future years, which should increase taxes.
DSLReports Karl Bode adds we are supposed to ignore the tens of thousands of employees laid off in recent years as the company turns away from landline services.
Two of the firms that paid their CEOs more than Uncle Sam — Citigroup and AIG — owe their very continued existence to taxpayer bailouts.
