Wisconsin Wave

Uniting Wisconsinites for democracy and shared prosperity

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NYT: Big companies paid a fraction of corporate tax rate

The biggest, most profitable American companies paid only a fraction of the taxes they would owe under the official corporate rate, according to a study released on Monday by the Government Accountability Office.

Using allowed deductions and legal loopholes, large corporations enjoyed a 12.6 percent tax rate far below the 35 percent tax that is the statutory rate imposed by the federal government on corporate profits.