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| Permalink View Article Stats Promoted to Headline (H2) on 2/3/12: U.S. Corporate Tax Rate Plunges To 40 Year Low Of 12.1% Quicklink submitted by Amanda Lang (Add your own quicklinks easily with the OpEdNews Quick Link Browser bookmark) |
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| n recent decades, corporate tax revenue has plunged, falling from about 6 percent of gross domestic product in the 1950 ²s to less than 2 percent today, due to a proliferation of corporate tax breaks and the use of offshore tax havens. According to the Congressional Budget Office, in fact, corporate tax receipts as a share of corporate profits have hit their lowest point in 40 years: Corporate tax receipts as a share of profits are at their lowest level in at least 40 years. Total corporate federal taxes paid fell to 12.1% of profits earned from activities within the U.S. in fiscal 2011, which ended Sept. 30, according to the Congressional Budget Office. That's the lowest level since at least 1972. And well below the 25.6% companies paid on average from 1987 to 2008. |
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