Absolutely disgusting! Chief executive officers, the group representing the most spoiled and richest section of society, are getting tax gross-ups.
A Corporate Library study found that one in five US chief executives get help from their companies in paying their income tax bills, reports Reuters.
In other words, investors are paying their tax for them.
The gross-ups are to help cover tax penalties on perquisites such as airplane use for personal travel, housing, gifts, financial planning and country club dues. Some CEOs also get reimbursed for taxes on bonuses or restricted stock awards. Nice work if you can get it. They are really doing it hard!
Paul Hodgson, senior research associate at the Corporate Library has summed it up well. It's simply the "grossest perk", he told Portfolio.com
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