Article: Corporate tax loopholes cost millions

The Toys R Us giraffe has his own company, and according to the Maryland Comptroller's office, has helped his bosses evade millions in taxes.

Geoffrey Inc., one of the giant retailer's three Delaware-based subsidiaries, helped shave $1.3 million off Toys R Us' 1994 Maryland tax bill, the latest year records were available.

This Delaware loophole, long exploited by some corporations to avoid paying state taxes, was closed this year by the General Assembly in Annapolis. But that bit of Maryland's flimsy business tax code is just one of many that critics say big corporations' lawyers and accountants are exploiting to avoid paying their fair share.

If corporate income taxes are any indicator, ...

Related newspaper, magazine, and journal articles:

 
 
Newsweek Harper's Magazine The Washington Post Chicago Tribune Crain's Chicago Business PRNewswire Pediatric News The Nation Advertising Age The Economist (US) A FREE trial gives you access to over 80 million articles! Access over 6,500 publications with a FREE trial!