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State corporate-tax follies.(The Taxonomist)
American Prospect, The, February, 2005 by McIntyre, Robert S.
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IF YOU'RE UNHAPPY WITH THE MESS GEORGE W. Bush has made of the federal corporate income tax, you'll be less happy to learn that things are even worse in the states. Last September, my group published a study showing that America's biggest and most profitable corporations now shelter more than half of their U.S. profits from federal income taxes. We've since taken a hard look at what corporations pay in state income taxes--and yikes!
Of the 275 Fortune 500 corporations in our federal study, 252 disclosed their state income-tax payments. By 2003, these companies had slashed ...
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