Most U.S.-based multinational corporations paid lower U.S. taxes on their domestic profits than they paid to foreign governments on their foreign profits, according to a recent study.
The study, released late last month by the advocacy groups Citizens for Tax Justice and the Institute on Taxation and Economic Policy, examined 288 profitable Fortune 500 companies over a five-year period and found that 26 paid no federal corporate income tax in that time, 111 paid no federal corporate income tax in at least one of the last five years, and one-third paid a U.S. tax rate less than 10 percent over the same period.
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