U.S. Corporations Paid Far Less Than Legally-Imposed Tax Rate: Study
Twelve big U.S. companies paid far less than the statutory corporate tax rate from 2008 to 2010, despite making substantial profits in that period, said a report released on Wednesday.
With the Obama administration drafting a corporate tax reform plan, the report found General Electric Co, American Electric Power Co Inc, DuPont Co and nine other companies had a negative 1.5 percent tax rate on $171 billion in profits over the three years studied.
"Not a single one of these companies paid anything close to the 35 percent statutory tax rate," said the report from Citizens for Tax Justice