State Income Tax Avoided By 68 Large Profitable U.S. Companies In Recent Years: Study

Big U.S. organizations are not only identifying ways to avoid federal duty, but taxation at the condition degree too.

Of the nation's most continually successful huge organizations, a full 4th of them -- 68 organizations in total -- purchased no condition income tax at least once over the last three decades, according to a research released on Friday by the left-leaning People for Tax Proper rights. Moreover, twenty huge continually successful U.S. organizations purchased an average condition income tax of zero or less between 2008 and 2010, according to the research.

News of the tax-dodging comes at a time when declares are upon lay offs and cutting services to battle increasing budget debts. Overall, state-level income from business taxation has been falling for the last 20 decades as tax-avoidance plans have become more innovative, according to an interview with Gardner by Bloomberg Announcement. Today, only six declares do not impose duty, according to Bloomberg Announcement.

"They're so busy avoiding taxes, it's no wonder they're not creating any new jobs," Matthew Gardner, management manager of the Company on Taxation and Economic Policy and a co-author of the research, said in a report. He added that big organizations "devote their money and legal firepower to coming up with tax prohibition plans."

Companies that prevented paying state duty at least once in the last three decades include Boeing, Goldman Sachs, Water wells Fargo, Common Electrical, Yahoo, J.C. Penney, Hewlett-Packard, American Express, Merck, and Verizon, according to the research. And on average, the 265 organizations questioned purchased taxes at approximately half of the formal pace, priced at states $42.7 million in revenue over the last three decades, the research discovered.

Many big U.S. organizations also have moved their profits offshore to avoid government taxes.

A research by People for Tax Proper rights released in May discovered that 12 big U.S. organizations -- including Common Electrical and DuPont -- purchased far less in government corporate taxes than the formal pace. A separate report by the People for Tax Proper rights discovered thirty big U.S.-based international organizations purchased negative government duty over the last three decades, with Water wells Fargo taking home the most in tax financial aid.

Google and Microsoft were excluded from the report because both report most of their profits as foreign. The IRS currently is investigating Google, which has been saving about $1 billion per year by shifting its profits overseas, for tax evasion.

U.S.-based multinational companies also have slashed jobs at home while hiring abroad, cutting 864,000 U.S. jobs between 1999 and 2009, while adding 2.87 million jobs elsewhere, according to the Commerce Department.

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