| "While individuals have sought to take advantage of deductions and loopholes, corporations have famously excelled at this game.Companies paid an average effective federal tax rate of 12.6 percent in 2010, the last time the Government Accountability Office measured the rate. That compares with the nominal federal tax rate of 35 percent, so all those accountants appear to have done their jobs in exploiting the loopholes in our tax code. In recognition of Uncle Sam ??s payday, it ??s only proper to take note of some of the most egregious corporate tax loopholes and some unexpected beneficiaries. Take the ??carried interest ? benefit taken by private equity and hedge fund executives. Instead of paying ordinary rates on much of their income ?? typically 35 percent for the highest bracket (39.6 percent for this tax year) ?? these executives pay the capital gains rate of 15 percent... |
Read the rest of the story HERE:
At dealbook.nytimes.com
At dealbook.nytimes.com
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