Twenty-five of the highest-paid chief executive officers in the United States made more money last year than their companies paid in taxes, according to a liberal think tank report on Wednesday.

For those CEOs whose income exceeded their companies’ federal income tax payments, pay averaged $16.7 million, according to a study of 100 publicly traded corporations by the Institute for Policy Studies. The institute also found that many of the firms spent far more on lobbying than on taxes.