Herald-Leader shocker: Yum! Brands one of 68 corporations nationwide paying no state corporate income tax
The Lexington Herald-Leader just posted a shocker on its Kentucky.com website his afternoon: Louisville-based Yum! Brands is one of 68 corporations nationwide that paid no net corporate income tax to states since 2008.
In Yum! Brands’ case, the global fast-food conglomerate generated more than $1 billion in profits!
The Herald-Leaders cited ”Corporate Tax Dodging in the Fifty States, 2008-2010,” a report released Wednesday by economic justice advocacy groups.
Twenty companies averaged a tax rate of zero or less – which means they got tax abatements or refunds, we take it – during the 2008-2010 period, including Yum! Brands, according to the report by the Institute on Taxation and Economic Policy and Citizens for Tax Justice.
This is from the HL post:
“The report’s findings are troubling,” said Jason Bailey, director of the Kentucky Center for Economic Policy, which also helped produce the report. “At a time of record corporate profits, many large corporations are avoiding paying their fair share for the public services from which they benefit. By deepening Kentucky’s budget woes, corporate tax avoidance directly harms our ability to provide quality education, improve health and build a foundation for a strong economy.”
The story includes a bunch of suggestions by Bailey.
It also quotes State Rep. Jim Wayne, a Louisville Democrat, who told Herald-Leader reporter Linda Blackford that companies need to “pull their weight, otherwise it’s not fair to the citizens of this state. We’ve given them many incentives. All corporations should pay their fair share.”
The HL story didn’t say whether Yum! Brands pays taxes in China, where KFC stores generate most of the entire corporation’s annual net income now.
We’re it does.