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McKesson managed to pay no California taxes the last three years.

A new study by liberal organization CalPIRG looked at the effective tax rate for Fortune 500 companies and found that they largely avoid taxes through loopholes. States are loosing billions of dollars to crafty corporations that work the system. An example is McKesson, the health care company, they paid no taxes yet had profits of $3.1 billion over the last three years. Intel had profits of $23 billion yet also paid no taxes. KPCC's Steve Proffitt will explain the new report.