Thursday, November 3, 2011

Thirty companies paid no U.S. income tax 2008-2010. Pepsi at "negative 57%"

The statutory U.S. corporate income tax rate is 35 percent, one of the highest in the world; but over the 2008-2010 period, very few of the companies studied paid it, said the report.

The average effective tax rate for the companies over the period was 18.5 percent,

Corporations will say rightly that the loopholes that let them slash their taxes were perfectly legal, the report said.

"But that does not mean that low-tax corporations bear no responsibility

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