Half of Large Firms Paid No Tax

Nearly half of 275 large, profitable corporations paid no taxes in at least one of the last four years, including 40 companies that paid no taxes on more than $10 billion in profits last year, a lobbying group said today.

Many of the companies actually paid less than no tax--they took advantage of federal tax laws allowing them to gain tax refunds, according to the study by Citizens for Tax Justice. Five major defense contractors were among the companies that paid no federal income tax or received refunds during the 1981-1984 period, the study said. Those contractors are General Dynamics, General Electric, Lockheed, Boeing and Grumman.