CEOs need to be compensated for the tremendous hardships they endure, and tens of millions of dollars in stock, options, and salary don’t even begin to do it. So CEOs like CBS’s Les Moonves get other perks, such as reimbursement for local and state taxes.
“Pay my own taxes? You can’t be serious.”
Judging from Les’s new contract with CBS, one of the hardships he has to endure is spending time in two palatial offices, one located in southern California and the other located in New York. And this horrific requirement apparently exposes Les to the greedy, grubby hands of tax collectors in two states, each of which wants their fair share. And in order to persuade Les from galloping off into the sunset, CBS apparently has to agree to pay the New York City and New York State portion of these taxes–lest Les have to pay them himself and then feel impoverished:
On August 17, 2007, CBS Corporation (“CBS” or the “Company”) entered into a letter agreement with Leslie Moonves, President and Chief Executive Officer of the Company, amending the terms of his employment agreement… The letter agreement provides, among other things, that… Mr. Moonves will be required to provide services to the Company in both Los Angeles and New York City and…the Company will fully reimburse Mr. Moonves respecting any net incremental New York state and local taxes and fees he incurs.
To which we say, “Where can we find one of these awesome CEO jobs, anyway?” Wait. We have one. Can we get our NY taxes paid, too?