Wisconsin Budget Project: New Report Shows Major Corporations Based in Wisconsin Pay Little in State Income Tax
ITEP Work in Action
A number of large, profitable corporations in Wisconsin pay little or nothing in state corporate income tax, according to a new report. Loopholes, tax credits, and creating accounting keep the amount these corporations pay in income tax to a minimum.
A study by the Institute on Taxation and Economic Policy and Citizens for Tax Justice examined 269 Fortune 500 companies that were profitable every year between 2008 and 2012. Six companies based in Wisconsin were on that list, and those six companies all paid less than five percent of their income in income tax. The corporate income tax rate in Wisconsin is 7.9%.
A number of large, profitable corporations in Wisconsin pay little or nothing in state corporate income tax, according to a new report. Loopholes, tax credits, and creating accounting keep the amount these corporations pay in income tax to a minimum.
A study by the Institute on Taxation and Economic Policy and Citizens for Tax Justice examined 269 Fortune 500 companies that were profitable every year between 2008 and 2012. Six companies based in Wisconsin were on that list, and those six companies all paid less than five percent of their income in income tax. The corporate income tax rate in Wisconsin is 7.9%.