A new study found that at least 68 profitable corporations paid no state income taxes anywhere in the country in one of the last three years, according to their annual reports and official government filings.
Among the major companies on the list that do significant business in Maryland are Comcast, Wells Fargo, Southwest Airlines, Verizon, General Electric and Pepco Holdings, the utility company, which paid no state taxes in 2008, 2009 and 2010.
"Individual taxpayers and small businesses in Maryland end up having to pick up the tab when these corporations avoid paying their taxes," said Jenny Levin at Maryland PIRG, the public interest lobbying group that released the study. The report, "Corporate Tax Dodging in the Fifty States," was done jointly by the Institute on Taxation and Economic Policy and the Center for Tax Justice, which generally support more progressive tax policy.
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1 comment:
SO was this a case of tax avoidance, or tax evasion? These are two entirely different things.
Often times, there are loopholes that allow companies to legally avoid taxes, including special deals offered by various jurisdictions to get the business to locate there in the first place ... (anyone remember such doings in the City of Salisbury?)
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