By Judy Dugan
Three of the five global corporations behind a coalition aimed at protecting $1 billion a year in California tax loopholes are among the nation’s top tax evaders, said Consumer Watchdog. They are:
- International Paper Co., whose outlandish deductions and credits gained through Congressional earmarks left it with less-than-zero federal taxes on $198 million dollars in 2010 profit. The company’s refund of $249 million exceeded its profits.
- Procter and Gamble, described by Fortune Magazine as in a class with GE when it comes to tax manipulation. It structured more than $6 billion in sell-offs since 2002 to avoid billions in federal tax and hundreds of millions in state taxes.