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No taxes ny { October 20 2000 } Original Source Link: (May no longer be active)    http://query.nytimes.com/search/abstract?res=F30717F8385A0C738EDDA90994D8404482 http://query.nytimes.com/search/abstract?res=F30717F8385A0C738EDDA90994D8404482 BUSINESS/FINANCIAL DESK | October 20, 2000, Friday Study Finds That Many Large Companies Pay No Taxes By DAVID CAY JOHNSTON (NYT) 1219 words Late Edition - Final, Section C, Page 2, Column 1 ABSTRACT - Institute on Taxation and Economic Policy reports that Goodyear, Texaco, Colgate-Palmolive, MCI WorldCom and eight other large corporations earned more than $12.2 billion in profits in 1996 through 1998, but that none of them ended up owing corporate income taxes over that period; companies as a group received $535 million in credits or refunds; study of 250 large publicly traded companies shows that 24 owed no tax or received credits against past or future tax obligations in 1998; also finds that 71 of 250 companies paid taxes at less than half official 35 percent corporate rate during three-year period; says corporate profits overall soared 23.5 percent during three-year period, but corporate tax revenues grew 7.7 percent; says General Electric Co was biggest beneficiary of tax breaks, saving $6.9 billion in three years; company paid $2.1 billion in income taxes on $25.8 billion in profits, for tax rate of 8.1 percent; highest tax rate for three years was paid by Winn-Dixie Stores, which paid average 35.7 percent of its 1996 through 1998 profits in federal income taxes; chart (M)

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