Chicago Tribune: How Some of Illinois’s Largest Companies Cut Their Taxes
media mentionThe United States generally taxes the income of large corporations at 35 percent, one of the highest rates in the world. It has spurred companies such as Lake Forest-based Hospira to enter talks to buy a French company in a deal that would enable the drugmaker to move its headquarters to that country and lower its taxes.
North Chicago-based drugmaker AbbVie also plans such a move, a tactic so controversial that U.S. Sen. Dick Durbin and President Barack Obama have railed against the practice, known as an inversion.
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Boeing’s deferral strategy has made it a target of such groups as Citizens for Tax Justice. The group and the Institute on Taxation and Economic Policy this year released a report in which Boeing was listed among companies that consistently were profitable but hadn’t paid taxes for years.