Many Big Corporations Paying No State Taxes
West Virginia Public News Service – Many huge, profitable corporations pay no state taxes, according to a new report from Citizens for Tax Justice and the Institute for Taxation and Economic Policy. Read
The report looks at 300 Fortune 500 companies that made a profit every year from 2008 to 2012 and found at least 90 of them paid no taxes to any state for one of the past six years.
Sean O’Leary, policy analyst with the West Virginia Center on Budget & Policy, says those corporations used the same kinds of loopholes and tax cuts that put West Virginia in the red this year.
He says cutting those taxes has been a mistake.