Before you complain about corporate tax rates ... | Arkansas Blog

Tuesday, May 3, 2011

Before you complain about corporate tax rates ...

Posted By on Tue, May 3, 2011 at 6:44 AM

... Read this in Times today. Our rates are higher than most countries, but consider them "sticker" rates.

But by taking advantage of myriad breaks and loopholes that other countries generally do not offer, United States corporations pay only slightly more on average than their counterparts in other industrial countries. And some American corporations use aggressive strategies to pay less — often far less — than their competitors abroad and at home. A Government Accountability Office study released in 2008 found that 55 percent of United States companies paid no federal income taxes during at least one year in a seven-year period it studied.

The paradox of the United States tax code — high rates with a bounty of subsidies, shelters and special breaks — has made American multinationals “world leaders in tax avoidance"

The same holds true for the Arkansas income tax, as Ernest Dumas noted in his article accompanying David Cay Johnson's myth-busting story on U.S. taxes. Bottom line: Only a sucker — or the little guy who can't afford attorneys, accountants and scheme-building — pays sticker price.

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