Twenty leading U.S. banks collectively paid their top five executives $2 billion in tax-deductible bonuses between 2012 and 2015, according to a recent report examining Wall Street CEO pay.
That $2 billion figure works out to be a tax break valued at $725 million, or $1.7 million per executive per year, the Institute for Policy Studies (IPS), a progressive think tank, found.
"Taxpayers should not have to subsidize excessive CEO bonuses at any corporation," report co-author and IPS Global Economy Project Director Sarah Anderson said in a statement. "But such subsidies are particularly troubling when they prop up a pay system that encourages the reckless behavior which caused one devastating national crisis -- and could cause more in the future."
With a U.S. appeals court set to hear oral arguments Tuesday on the Clean Power Plan, Progress Illinois looks at the debate over the landmark climate change regulations and the potential outcomes of the case.