Companies: Profits: $10 Billion; Taxes: $0

Profits: $10 Billion; Taxes: $0

The federal tax bite for corporations is 46% on income above $100,000. But tax payments are something else again. Last year 40 large U.S. companies, which had total profits of $10 billion, did not pay one cent in corporate income tax. In fact, 129 of 275 firms paid no taxes in at least one of the last four years. Those were the findings of a report issued last week by Citizens for Tax Justice, a Washington research and lobbying group supported by labor unions, churches and public-interest lawyers. Among the artful tax dodgers: Boeing, Pepsico, TransAmerica, Greyhound, Grumman and Lockheed. The...

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