CEO Pay Loophole Saved Fast Food Cos. $64M, Study Says

Law360, New York (December 3, 2013, 4:43 PM EST) -- A 20-year-old tax loophole allowed the CEOs of the top six publicly traded fast food companies to pocket more than $183 million in fully deductible performance pay over the last two years, saving the companies $64 million, according to an industry watchdog report released Monday.

The loophole allows companies to deduct unlimited amounts from their income taxes for the cost of stock options, certain stock grants and other forms of so-called performance pay for top executives, the report said.

“Put simply: The more corporations pay their...
To view the full article, register now.