by Max Brantley
Another report illustrates the meaninglessness of corporate tax rates. They employ accounting dodges unavailable to wage slaves.
A comprehensive study released on Thursday found that 280 of the biggest publicly traded American companies faced federal income tax bills equal to 18.5 percent of their profits during the last three years — little more than half the official corporate rate of 35 percent and lower than their competitors in many industrialized countries.
The companies naturally claim the report is distorted, misleading and so on. But none has yet volunteered to disclose their actual federal income tax payments, as Warren Buffett has done. Boeing, GE and Wells Fargo are among those where regulatory filings indicate little to no federal income tax payment, even some refunds.