In the 1980’s, 9 percent of corporate profits were paid to states. This number had declined to less than 6 percent by 2001, the study showed. "Some large, sophisticated companies are using sheltering devices, aggressive restructurings and other steps to avoid paying taxes at the state level," R. Bruce Johnson, the Utah tax commissioner, said. "A third of these resources are dropping off the radar because aggressive companies are availing themselves of tax planning strategies that are not available to smaller companies or to individuals, and the result is unfair to the vast majority of taxpayers." Corporate tax shelters, the study concluded, are reducing the ability of states to provide for education and other basic needs and are "undermining the equity and integrity of state tax systems."

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by David Cay Johnston, The New York Times.

Posted: July 16th, 2003, by: admin. Categories: . Awaiting Comments.