The rate is 35%, but the companies examined by the GAO paid an average of only 12.6% in 2010.
Peter Schroeder at The Hill noted that even if corporations’ tax payments to foreign governments, states and local governments were factored in, the rate paid came out to only 17%.
Companies have been getting away with paying much less than required through a combination of exemptions, deferrals, tax credits, and other incentives, the GAO concluded.
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