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November 3, 2011

Study: Largest Publicly Traded Companies Pay Just Over Half the Official Tax Rate Owed 
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A new study by Citizens for Tax Justice reveals the largest publicly
traded companies in the United States are paying on average, just 18
percent of their profits in federal income taxes — that is little more
than half the official corporate rate of 35 percent. The study examined
the tax records of 280 companies over the past three years.
Seventy-eight of the companies paid no federal income tax in at least
one of the last three years. Wells Fargo received the most in tax
subsidies. The bank received nearly $18 billion in tax breaks from the
U.S. Treasury in the last three years.



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