Profitable U.S. corporations paid only about 13 to 17 percent of their pretax worldwide income in U.S. federal income taxes, according to a new report from the Government Accountability Office based on data from the actual tax returns filed by the corporations.
For tax year 2010 (the most recent year for which information was available), profitable U.S. corporations that filed a Schedule M-3 paid U.S. federal income taxes amounting to about 13 percent of the pretax worldwide income that they reported in their financial statements (for those entities included in their tax returns), the GAO report found. When foreign and state and local income taxes are included, the effective tax rate for profitable filers increases to around 17 percent.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access