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Paul Jacobs, chief executive of Qualcomm, was among the major U.S. top executives saving the most last year because of the Bush tax cuts, according to the Institute for Policy Studies. Jacobs had $34.7 million in taxable compensation last year and saved $1.58 million thanks to the George W. Bush tax cuts for the superrich. "Taxable compensation" for study purposes included options exercised and stock awards that vested and thus were taxable in 2011. "We did not distinguish between nonqualified stock options, which are taxable when exercised, and incentive stock options which are not taxable when exercised but instead but instead are taxed as capital gains if held one year before they are sold," says the institute. Among the companies that paid their chief executives more than they paid in federal taxes last year was Ian Cumming of Leucadia National, which owns 31.4% of HomeFed.

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