Friday, August 17, 2012

Tax code slashes tax for hugely profitable companies

Citigroup, Abbott Laboratories, and AT&T are among the 26 companies that paid more to their CEOs in 2011 than they did in U.S. federal taxes, according to a study released on Thursday.
Tax breaks on research and development, past losses, and foreign-held earnings were among those lightening the tax load for many companies on the list, said the Institute for Policy Studies, a left-leaning think tank in Washington, D.C. Citi, Abbott and AT&T all took issue with the institute's methodology. All three said they paid all taxes owed in 2011.

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