Corporate Taxes
This study explores how in 2015 Fortune 500 companies used tax haven subsidiaries to avoid paying taxes on much of their income. It reveals that tax haven use is now standard practice among the Fortune 500 and that a handful of the country's wealthiest corporations benefit the most from this tax avoidance scheme.
We appreciate the Financial Accounting Standards Board's (FASB) ongoing review of its accounting standards to ensure that financial statements are "facilitating clear communication of information that is important to financial statement users." Overall, the changes to disclosure requirements proposed by FASB in the exposure draft would represent a significant step forward toward providing users of financial statements the clarity that they need. We believe, however, that the exposure draft does not go far enough in providing the clarity needed and sought by investors and the public alike.
News Release: U.S. Should Take a Page from European Commission’s Book And Crack Down on Corporate Tax Avoidance
August 30, 2016 • By ITEP Staff
Following is a statement by Matt Gardner of the Institute on Taxation and Economic Policy regarding the European Commission’s ruling today that the Apple Corporation must pay as much as €13 billion ($14.5 billion) in back taxes due to an illegal tax break granted by the Irish government. “The European Commission action is a chastening […]
Many of America's Most Profitable Corporations Pay Little or No Federal Income Taxes; Multinationals Pay Higher Rates Abroad Than in the U.S.
Earlier this year, Berkshire Hathaway Chairman Warren Buffett made headlines by publicly decrying the stark inequity between his own effective federal tax rate (about 17 percent, by his estimate) and that of his secretary (about 30 percent). The resulting media firestorm has drawn welcome attention to unfair tax breaks that allow the richest Americans to […]
Massey Pays One-Sixth of 35% Federal Tax Rate, Little in State Income Tax
April 15, 2010 • By Matthew Gardner
A new analysis shows that Massey Energy, which owned the Upper Big Branch mine where 29 West Virginia miners were killed last week, paid an average of 5.6 percent of its profits in federal income taxes over the last three years—despite having large profits in each year. This is less than one-sixth of the statutory […]
This study details which companies have benefitted the most from the decline in corporate taxes over the past three years, and which have been less fortunate. It also measures the effects of loopholes in our corporate tax laws that predated the George W. Bush administration. Specifically, the study looks at the federal income taxes paid […]
ITEP’s corporate tax research examines the tax practices of major corporations. Besides its corporate study on average effective tax rates paid by the nation’s largest, most profitable corporations, throughout the year, ITEP produces research on subjects such as offshore cash holdings, tax haven abuse, executive stock options and other tax loopholes. See ITEP’s more recent study of profitable corporations’ tax rates.
Institute on Taxation
and Economic Policy
ITEP is a non-profit, non-partisan tax policy organization. We conduct rigorous analyses of tax and economic proposals and provide data-driven recommendations to shape equitable and sustainable tax systems.
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