AM New York: Tax day – NY-based corporates that pay the least taxes
media mentionBy AMNY.COM April 15, 2014
Paying taxes can be a painful experience. But that pain is not necessarily felt by some corporations that pay little to no taxes due to loopholes (and plenty of high-price consulting help). In fact, 26 Fortune 500 corporations reported negative taxes due to rebates.
The nonprofits Citizens for Tax Justice and the Institute on Taxation and Economic Policy crunched the numbers from 2008-2012 to find the Fortune 500 companies that paid the least in taxes. Based off that data, we’ve complied a list of companies based in New York that pay the lowest percent of their income in taxes.
All numbers are from 2008-2012.
1. Interpublic Group
U.S. profit: $1.35 billion
Effective tax rate: -2%
2. Verizon Communications
U.S. profit: $42.4 billion
Effective tax rate: -2%
3. Con Edison
U.S. profit: $7.6 billion
Effective tax rate: -1%
4. Cablevision Systems
U.S. profit: $1.5 billion
Effective tax rate: 0%
5. Corning
U.S. profit: $3.4 billion
Effective tax rate: 0%
6. Time Warner Cable
U.S. profit: $11.9 billion
Effective tax rate: 4%
7. IBM
U.S. profit: $45.3 billion
Effective tax rate: 6%
8. CBS
U.S. profit: $6.8 billion
Effective tax rate: 7%
9. Loews
U.S. profit: $7.6 billion
Effective tax rate: 9%
10. American Express
U.S. profit: $21.3 billion
Effective tax rate: 17%