North Carolina Justice Center: Many of America’s Most Profitable Corporations Pay Little or No Federal Income Taxes; Headquartered Companies in N.C. Top the List
ITEP Work in ActionWashington, D.C. (February 26, 2014) – A comprehensive five-year study of 288 highly profitable Fortune 500 companies finds that 111 of them paid no federal corporate income tax in at least one of the last five years while one-third paid a U.S. tax rate less than 10 percent over the same period, including 26 that paid nothing at all, Citizens for Tax Justice and the Institute on Taxation and Economic Policy said today.
Among companies headquartered in North Carolina that are featured in the report, including Progress Energy and Time Warner Cable, the report finds several North Carolina-based companies have paid no income tax, had tax rates under 3 percent, or are sheltering large portions of their profits from taxation in the U.S.