Corporate Income Tax: Most Large Profitable U.S. Corporations Paid Tax but Effective Tax Rates Differed Significantly from the Statutory Rate

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By Jessica Lucas-Judy (au)
Year: 2016
Pages: 41
Binding Paperback
ISBN 978-1-4578-7304-1

Product Code: 1457873044

Description

Congress and the administration want to reform the U.S. corporate income tax and the rate at which U.S. corporationsäó» income is taxed. Currently, the top statutory corporate income tax rate is 35%. GAOäó»s 2013 report on corporate effective tax rates (ETRs) found that in tax year 2010, the average ETRs were significantly below the statutory rate. To provide an update, this report assesses the extent to which U.S. corporations pay federal income tax and the percentage that had no federal income tax liability. It estimates (1) the percentage of all and large corporations that had no federal income tax liability; and (2) average ETRs based on financial statement reporting and tax reporting. The report found that in each year from 2006 to 2012, at least two-thirds of all active corporations had no federal income tax liability. Tables and figures. This is a print on demand report.

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