WIN: Corportions not paying state income tax, 12/08/2011

By Doug Cunningham

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By Doug Cunningham

A new report called “Corporate Tax Dodging In The Fifty States, 2008-2010” shows many major, highly profitable corporations paid no state income taxes in at least one of the last three years. This massive corporate tax-dodging shifts the tax burden more to working families and contributes to the budget crisis hitting many state governments. Matthew Gardner, Executive Director of the Institute On Taxation and Economic Policy is co-author of the report.

[Matthew Gardner]: “Sixty-eight of these companies, companies like Dupont, Intel, Wells Fargo and GE have figured out ways not only to pay zero in state taxes, but to get tax refunds despite being hugely profitable over the last three years.”

Gardner says common-sense reforms by the states could make sure corporations pay their fair shares, but many state governments continue to give these corporations tax breaks.By Doug Cunningham

A new report called “Corporate Tax Dodging In The Fifty States, 2008-2010” shows many major, highly profitable corporations paid no state income taxes in at least one of the last three years.

This massive corporate tax-dodging shifts the tax burden more to working families and contributes to the budget crisis hitting many state governments. Matthew Gardner, Executive Director of the Institute On Taxation and Economic Policy is co-author of the report. Gardner said:

Sixty-eight of these companies, companies like Dupont, Intel, Wells Fargo and GE have figured out ways not only to pay zero in state taxes, but to get tax refunds despite being hugely profitable over the last three years.

Gardner says common-sense reforms by the states could make sure corporations pay their fair shares, but many state governments continue to give these corporations tax breaks.

Florida is a good example. First, the smaller S-corporations aren't subject to state income tax, only the larger Fortune 500 C-corporations. What was one of Gov. Rick Scott's first acts? Cut corporate income tax which shifts the tax burden to the middle class. 

Many state and local government have become tax whore havens. They offer tax cuts to new businesses  in exchange for new jobs.  

But the governments  do not follow through to monitor the corporations to assure they have met their job requirements for the tax breaks. 

Many FL governments have also taken steps to keep these new job agreements with corporations SECRET! 

graphic source: About.com

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