A new report from the Citizens for Tax Justice of the country’s biggest corporations shows that many don’t pay anything like the top 35 percent corporate income tax rate. Many pay nothing at all.
The highlights of a study of 288 highly profitable Fortune 500 companies:
*111 of the companies enjoyed at least one year in which their federal income tax was zero or less.
* 26 companies, including Boeing, General Electric, Priceline.com and Verizon, enjoyed negative income tax rates over the entire five-year period, despite combined pre-tax profits of $170 billion.
* Of the 125 multinational companies in this sample, two-thirds paid a lower U.S. tax rate than the rate they paid to foreign governments on their foreign profits. On average, their foreign effective tax rate was 12 percent larger than their U.S. effective rate.
* The total amount of federal income tax subsidies enjoyed by the 288 profitable corporations over the five years was $362 billion.
Wouldn’t you like to see a report on the effective tax rate in Arkansas for the 100 most profitable corporations? Mr. Weiss, crunch those numbers.