Big profits, zero taxes for large U.S. companies

Big profits, zero taxes for large U.S. companies
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Big profits, zero taxes for large U.S. companies –Tax rate for 280 profitable firms ranges from 41% to negative 58%: study 03 Nov 2011 The official federal corporate income tax rate in the U.S. is 35%, but plenty of the nation’s largest publicly traded companies are paying no taxes — even getting money back from the government in some cases — in years when they reap big profits, according to a new report. Thirty of the 280 Fortune 500 companies studied paid zero in federal income taxes or enjoyed tax rebates in 2008, 2009 and 2010, according to the study by the left-leaning Citizens for Tax Justice, a Washington-based nonprofit research and advocacy group, and the Institute on Taxation and Economic Policy, a nonprofit, nonpartisan research group.

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