Taxes: Big Companies, Small Bills

Over the past three years, General Electric earned $65 billion domestic profits but paid no federal income taxes Though that may represent the biggest tax advantage enjoyed by any major U.S. corporation, it is not rare. A study released last week by Citizens for Tax Justice, a Washington-based public interest coalition, shows that loopholes and incentive programs are reducing many corporate tax bills to zero. Among 250 major companies whose financial records were surveyed, 51% paid no federal income taxes in at least one of the past three years.

The decline in corporate taxes is largely the result of two decades...

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