ITEP's Research Priorities
The State: Duke Energy paid no federal income taxes from 2008-2012
February 28, 2014
(Original Post) BY RICK ROTHACKER The Charlotte Observer February 26, 2014 Charlotte-based Duke Energy is among 26 profitable Fortune 500 companies that didn’t pay any federal income taxes from 2008 to 2012, according to a new report on corporate taxes. Among all industries, gas and electric utility companies had the lowest effective rate, at 2.9 […]
CFO Journal: Corporate America Pays Higher Tax Abroad
February 28, 2014
(Original Post) TAX February 27, 2014 CFO.com | US Nearly 40 percent of 288 Fortune 500 companies studied paid zero or less in U.S. income taxes in at least one year. David M. Katz The Beltway view that a relatively high corporate income tax puts the United States at a competitive disadvantage is false, contend […]
Domestic Fuel: The Sorry State of Corporate Taxes
February 28, 2014
(Original Report) Posted on February 28, 2014 by Joanna Schroeder Citizens for Tax Justice has released a new five-year, comprehensive study of 288 profitable Fortune 500 companies finds that 26 paid no federal corporate income tax over the five-year period; 111 paid no federal corporate income tax in at least one of the last five […]
New Jersey News Room: Many of America’s Most Profitable Corporations, Including N.J.-Based Honeywell, Pay Little or No Federal Income Taxes
February 28, 2014
THURSDAY, 27 FEBRUARY 2014 08:56 BY JON WHITEN AND JENICE ROBINSON SPECIAL TO NEWJESEYNEWSROOM.COM Washington, D.C. – 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 […]
Wisconsin Budget Project: New Study Finds Large Number of the Major, Profitable Corporations Pay Little in Corporate Taxes
February 28, 2014
Thursday, February 27, 2014 at 6:16 PM by Jon Peacock This week, on the same day that GOP legislators in Congress were unveiling a plan to sharply reduce federal income taxes for corporations, a DC-based think tank released a comprehensive study showing that many highly profitable Fortune 500 companies pay little or no federal corporate […]
Marketplace: The highway repair fund is going broke
February 28, 2014
(Original Post) by Dan Weissmann Thursday, February 27, 2014 – 12:32 This week, President Barack Obama has been talking up his plans to pay for $302 billion worth of much-needed infrastructure repairs: roads, bridges, that kind of thing. Here’s one thing that’s not on the President’s list of fund-raising tools: Raising the gasoline tax, which […]
Washington State Budget & Policy Center: Corporate Tax Dodge Findings Show Need for Reforms in Washington State
February 27, 2014
Now that we know nine major corporations with operations in Washington state paid zero or less in federal corporate income taxes in recent years despite reaping huge profits, serious questions arise as to whether these corporations or others are dodging Washington state taxes too. Read the Full Report
Pennsylvania Budget and Policy Center: Many Profitable Corporations Pay Little or No U.S. Income Taxes
February 27, 2014
A comprehensive five-year study of 288 highly profitable Fortune 500 companies finds that 111 of them, including six based in Pennsylvania, paid no federal corporate income tax in at least one of the last five years. Overall, one-third of the corporations studied paid a U.S. tax rate of less than 10 percent over the five-year […]
Fiscal Policy Center: Profitable companies get free pass on federal income tax
February 27, 2014
There’s new evidence that many of the country’s biggest companies are getting a free pass on taxes, including several businesses headquartered here in Illinois. In fact, many of these profitable companies actually received money from the federal government. Read the Full Report
North Carolina Justice Center: Duke Energy the subject of another scathing report
February 27, 2014
One of North Carolina’s largest, most profitable (and most controversial) corporations is the subject of renewed criticism today. A new report co-released last night by the Washington, DC-based groups Citizens for Tax Justice and the Institute on Taxation and Economic Policy along with the North Carolina Budget and Tax Center reveals that Duke Energy has […]
Oregon Center for Public Policy: Trucking Along, Avoiding Corporate Income Taxes
February 26, 2014
The same company whose lawsuit made it possible for corporations to side-step Oregon’s corporate minimum tax turns out to be a federal corporate income tax avoider, as well. The trucking company Con-way had a negative effective federal income tax rate over the 2008 to 2012 period, despite making $587 million in profits over those five […]
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
February 26, 2014
Washington, 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 […]
New Jersey Policy Perspective: Many of America’s Most Profitable Corporations Pay Little or No Federal Income Taxes
February 26, 2014
New Jersey-based Honeywell, which in 2012 was awarded a state tax break of $40 million not to leave New Jersey, paid no federal corporate income taxes in 2009 and 2010, despite posting $3 billion in profits in those two years. Because of various tax breaks and loopholes, Honeywell’s effective federal corporate income tax rate in […]
Policy Matters Ohio: The Sorry State of Corporate Taxes
February 26, 2014
Two Ohio companies — American Electric Power and FirstEnergy — were among the 26 major companies that in the aggregate paid no federal income tax over the five-year period between 2008 and 2012. Most companies included in this new study aren’t paying anywhere near the statutory 35 percent tax rate. Read the Full Report
Maryland Center on Economic Policy: Major US Corporations Not Paying their Fair Share in Federal Taxes
February 26, 2014
Maryland residents filling out their tax forms and paying their monthly utility bills might be surprised to find out that one of the companies that 526,000 of them write checks to has been dodging its fair share. Read the Full Report
News & Observer: Duke Energy paid no federal income taxes in recent years
February 26, 2014
(Original Post) Posted by David Ranii on February 26, 2014 Duke Energy is one of 26 profitable Fortune 500 companies that paid no federal income taxes over the past five years, according to a new report. A Duke spokesman said the Charlotte-based company benefited from accelerated depreciation on billions of dollars in capital investments that […]
San Francisco Chronicle: Wells Fargo gets big break in federal income taxes
February 26, 2014
(Original Post) Kathleen Pender Updated 4:15 am, Wednesday, February 26, 2014 Out 0f 288 Fortune 500 companies that made money every year between 2008 and 2012, Wells Fargo received the largest estimated federal income tax subsidies – $21.6 billion over the five-year period, according to a report issued Tuesday by Citizens for Tax Justice. The […]
The Hill: Corporations pay fraction of top tax rate
February 26, 2014
(Original Post) February 26, 2014, 09:54 am By Bernie Becker Many leading U.S. corporations paid just a fraction of the top 35 percent tax rate, with some even paying less than zero, according to a new study from liberal advocates. Citizens for Tax Justice and the Institute on Taxation and Economic Policy found in a […]
Value Walk: Wells Fargo & Co Leads Profitable Companies In Tax Breaks, Again
February 26, 2014
(Original Post) by Brendan ByrneFebruary 26, 2014, 1:52 pm In a recently released report focusing on 288 Fortune 500 companies that were profitable for five consecutive years, Wells Fargo & Co has once again led the way in corporate tax breaks In a collaborative report issued yesterday by Citizens for Tax Justice and the Institute […]
Toledo Blade: Gov. Kasich says it’s his duty ‘to serve everyone,’ so why is he proposing another unneeded, unequal tax cut?
February 26, 2014
(Original Post) GOV. John Kasich launched this year’s re-election campaign with his State of the State address Monday night. The speech was designed to — and did — appeal to his core political constituency. Whether other Ohioans were equally persuaded by his insistence that “I’m your governor” is questionable. Mr. Kasich asserted during his message […]
The Columbus Dispatch: Income tax cut, sales tax expansion debated
February 26, 2014
(Original Post) By Jim Siegel The Columbus Dispatch Tuesday February 12, 2013 2:22 PM Ohio Tax Commissioner Joe Testa told lawmakers today that the expansive tax overhaul package proposed by Gov. John Kasich will make a fundamental shift from a reliance on income taxes to a consumption tax. “High income tax rates are toxic to […]
The Sorry State of Corporate Taxes
February 25, 2014 • By Matthew Gardner, Richard Phillips
Many of America's Most Profitable Corporations Pay Little or No Federal Income Taxes; Multinationals Pay Higher Rates Abroad Than in the U.S.
Washington Post: A (very) brief history of the state gas tax on its 95th birthday
February 25, 2014
(Original Post) BY NIRAJ CHOKSHI February 25 at 2:41 pm Nearly a century ago today, Oregon implemented a novel policy idea that’s since become a national mainstay: It became the first state to implement a gas tax. But with the tax on its last legs, it may also be the state that figures out how […]
The Huffington Post: Boeing Paid No Federal Income Tax Last Year
February 24, 2014
(Original Post) The Huffington Post | by Jillian Berman Posted: 02/20/2014 5:01 pm EST Updated: 02/20/2014 5:59 pm EST One of the largest recipients of federal government contracts paid nothing in taxes last year, according to an analysis from the Center for Effective Government, a left-leaning think tank. Boeing reported an $82 million tax refund […]
Toledo Blade: Whose tax cut?
February 20, 2014
(Original Post) The latest scheme to cut state income tax rates would favor the rich, increase inequality, and harm basic services Gov. John Kasich and many members of the Republican-controlled General Assembly will campaign for re-election this year largely on their efforts to cut Ohio’s personal income tax yet again. Voters — at least middle-class […]
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