
It appears that a few well-off Americans paying unusually low taxes to Uncle Sam are not alone; they are in the good company of corporate America. This is the shocking disclosure of a corporate study that was prepared by the Citizens for Tax Justice.
As anticipated, some companies were quick to cry foul disputing the findings while stating that it had undervalued their tax payments by omitting differed taxes that they may well pay in the future.
A comprehensive study found out that 280 of the biggest publicly traded American companies faced federal income tax bills amounting to 18.5 percent of their profits in the last three years. This is a little more than half of the 35 percent official corporate rate. It is also lower than what most of their competitors in industrialized nations pay....