A Look at Corporate Tax Rates on Tax Day

A lot of Republicans claim that corporate tax rates are too high, so on the day taxes are due, here is a look at the corporate tax rates. I found this from a post by David Sirota awhile back...

Yes, it is true, the official corporate tax rate in America is 35 percent. It is also true, however, that because of lax enforcement, loopholes and evasion, most corporations never come close to paying that rate. As the Government Accountability Office reported in 2004, 94 percent of corporations pay less than 5 percent of their income in taxes, and corporate tax payments are at their second lowest level in 60 years – lower than in every other industrialized country other than Iceland.

Maybe we should look into the tax breaks and tax loopholes in the system first.