Ford Ford has benefitted from a stronger economic recovery in the U.S., as many drivers look to replace their aging vehicles. Executives also expect it to be profitable in North America this year, albeit at a lower level than in 2013. In Europe, where Ford has closed factories and cut thousands of jobs, the company expects to report a narrower loss in 2014 and achieve profitability the following year. Worldwide, Ford’s 2013 revenue increased 10% from the previous year to $146.9 billion, while profits climbed 26%.
Joe Raedle—Getty Images
By Fortune / Laura Lorenzetti
November 20, 2014

Seven of the country’s 30 largest corporations doled out more to their chief executives last year than to Uncle Sam.

These seven firms reported more than $74 billion in profits last year and received a combined total of $1.9 billion in refunds from the Internal Revenue Service, according to a study, giving them an effective tax rate of negative 2.5%.

The findings are part of a report from theCenter for Effective Government and the Institute for Policy Studies. The twoWashington, D.C., think tanks have published an annual study called “Fleecing Uncle Sam,” which looks at CEO salaries and corporate taxes, since 2010.

The U.S. corporate tax rate is 35.3%, according to federal law. The reality is that most large corporations’ pay a far lower rate. Large American companies pay an effective corporate tax rate closer to 12.6%, according to the Government Accountability Office. Essentially, a host of items can lower a corporate tax bill, such as write-offs for research and development costs, or the depreciation of buildings and equipment.

As firms find ways around big tax burdens, the rift between what they pay the federal government and what they pay their top executives has been widening. The average compensation paid to CEOs that the study singles out has climbed to almost $32 million from $16.7 million in 2010.

Here are seven corporations that paid their CEOs more than the U.S. government in 2013 (the numbers below were compiled by the study’s co-authors).

1. Boeing

Boeing pre-tax income: $5.95 billion
CEO James McNerney total pay: $23.3 million
U.S. corporate income tax total: refund of$82 million

2. Ford Motors

Ford pre-tax income: $6.52 billion
CEO Alan Mulally total pay: $23.2 million
U.S. corporate income tax total: refund of$19 million

3. Chevron

Chevron pre-tax income: $4.67 billion
CEO John Watson total pay: $20.2 million
U.S. corporate income tax total: $15 million

4. Citigroup

Citigroup pre-tax income: $6.4 billion
CEO Michael Corbat total pay: $17.6 million
U.S. corporate income tax total: refund of$260 million

5. Verizon

Verizon pre-tax income: $28.83 billion
CEO Lowell McAdam total pay: $15.8 million
U.S. corporate income tax total: refund of$197 million

6. JPMorgan Chase

JPMorgan pre-tax income: $17.23 billion
CEO Jamie Dimon total pay: $11.8 million
U.S. corporate income tax total: refund of$1.3 billion

7. General Motors

GM pre-tax income: $4.88 billion
CEO Daniel Ackerson total pay: $9.1 million
U.S. corporate income tax total: refund of$34 million

Contact us at editors@time.com.

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