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Barry Ritholtz

Warren Has a Good Beginning for Ending Corporate-Tax Avoidance

Something's not right when the most profitable companies can avoid paying their share.

The 7 percent solution.

The 7 percent solution.

Photographer: Drew Angerer/Getty Images North America

Each year, publicly traded corporations prepare two sets of books. The first is a basic quarterly profit and loss statement that is widely disseminated to shareholders, analysts and the media.

The second is the firm’s annual corporate tax filing, submitted to Uncle Sam. It includes a statement of the year’s profits, on which tax obligations are owed to the government -- if any.