Bailed-out banks paid no income tax in some years, according to study

Five banks that received federal bailout funds during the financial crisis paid no income tax at least one year between 2008 and 2010 according to an iWatch News analysis of a new study [3] of tax dodgers.

Wells Fargo & Co., Goldman Sachs Group, PNC Financial Services Group, Capital One Financial Inc. and State Street Corp. were among 78 of America’s largest and most profitable corporations that managed to avoid paying income tax in at least one of those years.

Researchers looked at 280 corporations that reported total pretax U.S. profits of $1.4 trillion. The federal corporate tax code “ostensibly requires big corporations to pay a 35 percent corporate income tax rate, on average, the 280 corporations in our study paid only about half that amount.”

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