Study Finds Paying Taxes Is For Suckers And Not For Fabulously Wealthy Corporations

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.

It is a very interesting report, with much more sad and bad corporate news, so check out the whole thing on the CTJ.org website.