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MSNBC: Mark Ames and Yasha Levine
Broke the Koch Brothers' Takeover of America
What You Should Know / June 2, 2011 -- Not a single one of the companies paid anything close to the 35 percent statutory tax rate. In fact,the “highest tax” company on our list, Exxon Mobil, paid an effective three-year tax rate of only14.2 percent. That’s 60 percent below the 35 percent rate that companies are supposed to pay.And over the past two years, Exxon Mobil’s net tax on its $9.9 billion in U.S. pretax profits wasa minuscule $39 million, an effective tax rate of only 0.4 percentHad these 12 companies paid the full 35 percent corporate tax, their federal income taxes overthe three years would have totaled $59.9 billion. Instead, they enjoyed so many tax subsidies thatthey paid $62.4 billion less than that.If just these 12 companies had paid at a 35 percent tax rate over the past three years, total federalrevenues from corporate taxes would have been 12 percent higher than they actually were

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