20 big profitable U.S. companies paid no taxes

[unhappycamper]

http://americasmarkets.usatoday.com/2014/08/12/20-big-profitable-u-s-companies-paid-0-taxes/

20 big profitable U.S. companies paid no taxes
Matt Krantz
August 12, 2014 1:59 pm

U.S. companies are looking for all sorts of ways to reduce their tax bill. But scores of big U.S. companies just paid no taxes or effective tax rates of 0%.

There are 20 companies in the Standard & Poor’s 500, including drugmaker Merck (MRK), computer storage company Seagate (STX) and automaker General Motors (GM), which reported effective tax rates of 0% or lower in the second calendar quarter despite reporting a profit during the period, according to a USA TODAY analysis of data from S&P Capital IQ. To be included, the companies also needed to report positive earnings before taxes including unusual items.

This analysis shows that while U.S. companies and investors constantly grumble about corporate tax rates, there are many companies that pay nowhere near the highest rates. This is the rule, not an exception. A 2013 report from the U.S. Government Accountability Office found that profitable U.S. firms filing a Schedule M-3 paid federal taxes of 13% of pretax worldwide income. That’s well below the top 35% statutory rate.

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Below are the 20 companies in the S&P 500 that reported 0% (or lower) effective tax rates during the second calendar quarter of 2014:
Company Symbol Net income Q2 2014 ($ mils)
Merck MRK $2,004
Seagate Tech. STX $320
Thermo Fisher TMO $278.5
General Motors GM $278
Public Storage PSA $276.8
Iron Mountain IRM $271.6
Newmont Mining NEM $180
Eaton ETN $171
Avalonbay AVB $158.1
Kimco Realty KIM $89.5
Prologis PLD $81.2
Boston Properties BXP $79.1
Apartment Investment AIV $77
Plum Creek Timber PCL $55
Citrix Systems CTXS $53
Crown Castle CTXS $53
Macerich MAC $16.1
News Corp. NWSA $13
Essex Prop. MRK $6.3
First Solar FSLR $4.5