11 Aug '12, 4am

10 Biggest U.S. Corporations Paid 9 Percent Tax Rate in 2011

10 Biggest U.S. Corporations Paid 9 Percent Tax Rate in 2011

Heard about corporations complaining that they are paying too much in taxes ? Actually, no. According to the financial site NerdWallet , the 10 most profitable U.S. companies paid an average federal tax rate of just 9 percent last year. The group includes heavyweights like Chevron, Exxon Mobil, Apple, Microsoft, JPMorgan Chase and General Electric. Why can’t we all pay the same rate? Ask your tax accountant. Thinkprogress reports that the two companies with the lowest tax rates were these two oil companies: ExxonMobil paid $1.5 billion in taxes on $73.3 billion in earnings, a tax rate of 2 percent, and Chevron’s tax rate was just 4 percent. None of the companies paid anywhere near the 35 percent top corporate tax rate, providing more evidence to debunk claims that America’s corporate tax rate is stunting economic growth and job creation. In fact, American corporations pay ...

Full article: http://www.care2.com/causes/10-biggest-u-s-corporations-p...

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