A Wells Fargo spokesman says a report by Citizens for Tax Justice and the nonpartisan Institute on Taxation and Economic Policy that shows the bank paid no federal income tax the last three years despite profits of $48 billion “takes data out of context to advance an agenda.”Add: Wells and PG&E are among 30 U. S. public companies who beat the tax man for the last three years. And the report shows a number of other Bay Area companies appear to have paid well below the ostensible 35 percent corporate tax rate, the Chronicle’s Andrew S. Ross says. Among them: Hewlett-Packard, Yahoo and Levi-Strauss.
