Monday, December 12, 2011

Major corporations pay few taxes

265 Major, Profitable U.S. Corporations' Tax Avoidance
Costs States $42 Billion Over Three Years; Sixty Eight
Companies Have At Least One Tax-Free Year
Citizens for Tax Justice
December 7, 2011

Washington, DC -- A comprehensive new study that
profiles 265 consistently profitable Fortune 500
companies finds that 68 of them paid no state corporate
income tax in at least one of the last three years and
20 of them averaged a tax rate of zero or less during
the 2008-2010 period. These are among the findings in
"Corporate Tax Dodging in the Fifty States, 2008-2010"
released today by the Institute on Taxation and Economic
Policy (ITEP) and Citizens for Tax Justice (CTJ).

"Our report shows these corporations raked in a combined
$1.33 trillion in profits in the last three years, and
far too many have managed to shelter half or more of
their profits from state taxes," said Matthew Gardner,
Executive Director at the Institute on Taxation and
Economic Policy and the report's co-author. "They're so
busy avoiding taxes, it's no wonder they're not creating
any new jobs."

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