A new study shows that the big U.S. companies paid only 12.6 percent in taxes on their reported worldwide profits in 2010. Corporate taxes have gone from 5-6 percent of GDP down to only a third of that. The corporate share of all taxes paid has gone from 28 percent to a third of that, too. And these lower taxes have hurt — not helped — our economy and country.
Here's a pop quiz for Congress: If you cut food assistance for needy families by $333 million, and allow corporations to dodge $183 billion in federal taxes in the same year, how much did you end up reducing the deficit?
