Citizens for Tax Justice graph (The Tennessean)
Four Tennessee companies – including Kingsport-based Eastman Chemical Co. – were among more than 100 Fortune 500 companies that paid zero or less in federal income taxes in at least one year from 2008 to 2012, according to a new study.
In addition, the study found there were 26 Fortune 500 corporations that were consistently profitable between 2008 and 2012 yet paid no federal income taxes, according to a new study. The federal tax rate on corporate profits is set at 35 percent, although few companies actually pay that full rate.
The findings are part of a survey of 288 profitable corporations by Citizens for Tax Justice, a left-leaning group.
Citizens for Tax Justice said its report, which updates a 2011 study, is intended to highlight the use of tax breaks at a time when the congressional effort to overhaul the tax code reaches a crossroads.
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