According to a report released by the Citizens for Tax Justice the effective tax rate for the 280 most profitable corporations & companies in 2009-2010 was 17.3%, just a bit less than the often touted 35% statutory corporate tax rate. A few interesting corporate tax facts from the report:
Wells Fargo alone managed to get almost 18 billion in corporate tax breaks over the last 3 years.
Pepco Holdings actually had a NEGATIVE tax rate of 56.7% over that three year period. Remember, Pepco Holdings was an extremely profitable company during this time. I wonder why?
The top ten defense contractors watched in shock and awe as their combined tax rate fell from 19.3% in 2008 to 10.3% in 2010.