International Business Times: Winners and Losers in Trump Tax Plan
media mentionOn the state level, 240 Fortune 500 firms avoided paying $126 billion in income taxes between 2008 and 2015, a study released Thursday by the non-profit Institute on Taxation and Economic Policy found. Of those 240 companies, 92 avoided state income taxes for at least one year during that period, and 49 paid no state income taxes for multiple years. (The institute examined 258 firms, and 240 made their state and local tax data available.)
Some companies, such as Facebook, DuPont, Boeing, Merck and Eli Lilly, paid negative effective state tax rates for several of those eight years through rebates, credits or deductions, ITEP found.
While state corporate tax rates, on paper, average at about 6.25 percent, according to the report, those firms—all of which were profitable during the period they were studied—paid an average rate of 2.9 percent. The study followed a similar report released by ITEP in March that pegged the average effective federal corporate tax rate, which Mnuchin and Cohn said would be slashed Wednesday, among 258 Fortune 500 companies at just 21.2 percent.