Knicks owner James Dolan is named in a report on companies that pay their chief executives more than they pay the Federal government in taxes.
According to the study, published by the Institute for Policy Studies, Dolan was paid over $13.3 million as Cablevision's chief executive in 2010. His company received a federal tax refund of $3 million on pre-tax earnings of $591 million. The complete report, which outlines some of the strategies companies like Coca-Cola, Ford and General Electric use to avoid the taxman, is available at the Institute for Public Policy website.
Cablevision's tax-avoidance strategies are not outlined in the report, so it is unclear how much ownership of the Knicks, WNBA's New York Liberty and NHL's New York Rangers played a part.
The report also deals only with federal taxes; state and local levies are not included. Cablevision enjoys a number of substantial tax advantages in the City of New York; Madison Square Garden has been exempt from paying property tax since 1982.
Some of the companies named in the report have questioned the findings and methodology. eBay released a statement saying the Institute for Policy Studies has misrepresented their reports, and that they paid $646 million in taxes globally in 2010.
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