With plenty of talk on taxes these days, editorial page writers will have some interesting material to digest after next week’s release of a study focusing on federal income taxes paid by 282 large, publicly-held U.S. corporations among the Fortune 500, learns Grumpy Editor.
The compilation finds widespread tax avoidance.
An advance clue indicates the report, to be released on Nov. 3, will show most of America's most profitable corporations are paying far less than the 35 percent official corporate tax rate and many pay little or nothing as a result of various loopholes and deductions in the extensive tax code.
The report promises “surprising results” in what companies pay on U.S. profits vs. taxes to foreign countries on overseas profits.
Issuing the findings are Washington, D.C.-based Citizens for Tax Justice, a public interest research and advocacy organization focusing on federal, state and local tax policies and their impact on the country, and Institute on Taxation and Economic Policy, a non-profit, non-partisan research organization that concentrates on federal and state tax policy.
The study covers the 2008-2010 period and includes tables and detailed company-by-company thumbnails.
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