The Real Corporate Tax Rate = 12.6%
July 1, 2013
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Just another reminder that is spite of all the GOP proclamations about excessive corporate taxes, U.S. companies paid federal taxes at an average rate of just 12.6% in 2010, less than half the nominal rate of 35%. In 2009 the average was 13.9% and in 2008 15%. I guess the Republicon plan is to cut the rate to 15% then let companies pay at half that rate. That would leave lots of cash for additional CEO bonuses and contributions to politicians. A truly virtuous business cycle.
BTW, average individual tax rates were 11.81% in 2010, 11.06% in 2009 and 12.24% in 2008. It looks like the Supreme Court and Mitt Romney are right: corporations are people.