News / Article

US Corporations Pay Taxes Far Below Statutory Rate

Source: 247wallst.com/economy/2017/08/11/us-corporations-pay-taxes-far-below-statutory-rate/ - Aug 11, 2017

The statutory federal corporate tax rate in the United States is 35%, and it has been since 1993. Any company that pays that rate should probably be looking for a new chief financial officer.

When state taxes are slotted in, the average combined tax rate is 39.1%, according to a recent report from the Congressional Budget Office (CBO). Again, though, it is a rare company that pays that much in taxes. Apple Inc. (NASDAQ: AAPL), for example, reported a third-quarter fiscal 2017 effective tax rate of 22.9%. Boeing Co. (NYSE: BA) reported a fiscal second-quarter effective tax rate of 28.7%.

CLICK SOURCE ABOVE TO READ ENTIRE ARTICLE

Category: General Business