A comprehensive new study from the Institute on Taxation and Economic Policy finds that of profitable Fortune 500 corporations 68 companies 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. More info here.
The report, “Corporate Tax Dodging in Fifty States, 2008-2010” was produced by the Institute on Taxation and Economic Policy (ITEP) and released today in conjunction with MASSPIRG. It examines Fortune 500 companies that filed SEC filings with required information on total state taxes paid that year. Only companies that reported profits all three years were included in the study. It includes EMC, Raytheon and Staples which are headquartered in Massachusetts.
Matthew Gardner, Executive Director at the Institute on Taxation and Economic Policy and the report’s co-author says, “They’re so busy avoiding taxes, it’s no wonder they’re not creating any new jobs.”
MASSPIRG’s own study last year on the use of offshore tax havens found that household tax filers in Massachusetts pay on average $608 in additional federal taxes to make up for revenue lost due to use of offshore tax havens. That report, titled How Much Did Offshore Tax Havens Cost You in 2010 can be found here.
Hard to believe …. read the report. I trust PIRG’s research. I do!