Like most Americans, rank-and-file employees of Home Depot Inc. must reach into their own pockets to pay taxes.
But not Robert Nardelli, the home improvement retailer's chief executive. Under his employment contract, Home Depot picks up a big chunk of his federal and state income taxes.
Specifically, the company is obliged to reimburse its CEO for taxes due on a slew of perks, including a high-end luxury car, his family's travel on Home Depot jets and forgiveness of a $10 million loan. Last year, these payments amounted to at least $3.3 million, topping Nardelli's $2 million base salary.
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