U.S. Companies Paid More Taxes Overseas

Business Week reports:

Last year marked the first time that American companies contributed more to the tax pools of foreign governments than they did domestically, according to analyst Howard Silverblatt's annual S&P 500 Global Sales report, released July 14. The study was based on income taxes paid and reported to the U.S. government by just over half the companies on the S&P 500. Companies are not obligated to provide such detailed breakdowns of foreign sales. In 2008 foreign income tax payouts accounted for more than 55% of their total income tax expenditures, up from 45% in 2007—an $11.5 billion increase. Federal income tax payouts declined 29%, or almost $44 billion, over the same period.

An interesting trend.