Corporations Paid 11.3% Tax Rate Last Year

Washington Post: “The 2017 tax law lowered the U.S. corporate tax rate from 35% to 21%, but in practice large companies often pay far less than that due to deductions, tax breaks and other loopholes.”

“In the first year of the law, the actual amount corporations paid in federal taxes on their incomes — their so-called ‘effective rate’ — was 11.3% on average, possibly its lowest level in more than three decades… The report also found that 91 corporations in the Fortune 500, many worth billions of dollars, paid no federal taxes last year.”