Originally Posted by intelligentjetsfan
Actually itís worse than that. Over the 2008-2010 period, Corning paid a higher effective corporate income tax rate (8.6% of itís foreign profits) to foreign governments than it paid to the US government. Also, the 3M exec. made a similar claim and they too paid a higher effective corporate income tax rate to foreign governments than they paid to the US government between 2008-2010 (23.8% on its US profits in corporate income taxes and 27.1% on its foreign profits in foreign corporate income taxes.)
I have this funny habit. I tend to do research before I open my mouth. Maybe that's why I have been successful in life and as an investor.
I am not now nor have I even been on owner of Corning stock, but I looked it up. Their combined profit before
inetrest expense and taxes over the last three years combined was $859 mill. No wonder I don't own any.
That's audited data BTW. They received a substantial tax credit in 2010 but did pay taxes in 09 and 11.