One of the more hotly contested items during the election cycle is the impending end of the infamous “Bush Tax Cuts.” It is a tax code that is the centerpiece of a longstanding Republican-Democrat debate – and the issue threatens to shift the tides of the Presidential race in favor of the candidate who can best spin it to their advantage.
Want to Keep Up With NewsOne.com? LIKE Us On Facebook!
Naturally, Republicans oppose an end to the tax cuts while President Barack Obama has said repeatedly he would veto any extension of the cuts to salaries over $250,000. Fat cat CEOs are certainly watching this closely as 57 executives saved quite a bit of coin as a result of the cuts, according to a report from the Institute for Policy Studies (IPS).
For IPS’s 19th annual “Executive Excess” report, it highlighted that 57 of the 100 top CEOs benefited by saving millions dollars each with the help of the Bush-era tax code. The top-winner of the tax cut sweepstakes is James Mulva of ConocoPhillips, who saved a whopping $6.7 million dollars (this after cashing in $140 million dollars of stock options in 2011 in his last year as the company’s top man).