The chief executives of 59 private colleges and seven public universities took home more than $1 million in total compensation in 2015, according to an analysis released this week by The Chronicle of Higher Education.
Besides being eye-popping — and a record — the figure is notable for another reason: Congressional Republicans are trying to target this millionaires' club with a special tax. Under proposals in both the U.S. House and Senate, tax-exempt organizations would pay a 20 percent excise tax on the salaries of their five top earners, provided those employees earn in excess of, you guessed it, $1 million.
Six of the Chronicle's top 10 list are one-offs: presidents who earned large retirement, severance or deferred-compensation packages. Deferred compensation means money that is put aside each year and is vested, or paid in full, after a certain number of years of service.
For example, Nathan Hatch of Wake Forest University tops the list after receiving more than $4 million in 2015, though this includes the vesting of 10 years' worth of deferred compensation, the school's press office confirmed to NPR. In 2014, Hatch received just over $1 million.
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2 comments:
I don't think they should be taxed any different, I think laws should be passed so they don't make that much money. There should be a cap on those Salaries. Who the Hell has to pay for that? That's why it costs a fortune to send your child to college.
Those salaries piss me off!
It's disgusting. Absolutely disgusting how our university system continues to rip off families by charging exorbitant prices in exchange for mediocre educations and then have the gall to pay their administrators outrageous salaries.
This is worse than the mortgage " House of cards"...a bubble formed from the combination of unchecked greed and way-to -easy access to government -backed loans.
The fox is watching the hen house!
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