Chief executive officers are poised to collect an additional retirement windfall if President-elect Donald Trump succeeds in cutting the taxes of the highest U.S. earners, according to a new study.
The CEOs of Fortune 500 companies, who had accumulated almost $3 billion in tax-deferred accounts at the end of 2015, will owe the Internal Revenue Service about $990 million if the top federal tax rate is reduced to 33 percent, or $180 million less than they’d currently pay, the Institute for Policy Studies, a liberal think tank in Washington, said in a study released Thursday.
While rising executive pay and widening inequality across income groups have drawn increasing attention in the U.S., less has been made of the large gap in retirement savings, the authors say. Just 100 CEOs have accumulated retirement savings equal to the entire retirement accounts of 41 percent of U.S. families -- or more than 116 million people, according to the report.
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