Reports Present Opposing Views on Corporate Tax Avoidance
A new report from the advocacy group Citizens for Tax Justice finds that 301 Fortune 500 companies hold a combined $2 trillion offshore, collectively avoiding $550 billion in U.S. corporate income taxes, while a contrasting report from the Tax Foundation found that U.S. multinational corporations reported paying more than $128 billion in corporate taxes to foreign countries on $470 billion of taxable income in 2010—an effective rate of 27.2 percent before also paying U.S. taxes.
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