"The compilation of corporate profits and state taxes was conducted by the Institution on Taxation and Economic Policy and Citizens for Tax Justice and released in California by the California Public Interest Research Group.
It covered 265 of the Fortune 500 corporations that reported profits for three straight years, 2008-2010, including 33 based in California.
Nationwide, the 265 firms had a combined $1.33 trillion in profits during the three-year period but on average, paid just 3 percent of those earnings in state corporate income taxes.
It covered 265 of the Fortune 500 corporations that reported profits for three straight years, 2008-2010, including 33 based in California.
Nationwide, the 265 firms had a combined $1.33 trillion in profits during the three-year period but on average, paid just 3 percent of those earnings in state corporate income taxes.
The 33 California corporations' tax bills ranged from minus-1.5 percent (McKesson Corp.) to 8 percent (Apple). The California corporation with the largest profits during the period, Wells Fargo Bank at $49.7 billion, paid $344 million or 0.7 percent in state taxes. Second-place Intel Corp., with $23.3 billion in profits paid no state income taxes, the study found".............READ MORE
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