Here's your daily dose of 99-percenter class rage:
In a recent report by the Citizens for Tax Justice (CTJ) and the Institute on Taxation and Economic Policy, 26 of 30 Fortune 500 companies examined had negative income tax rates on profits made in the U.S. between 2008 and 2011 (h/t Think Progress).
And about that "non-competitive" and "punitive" 35 percent corporate tax rate that poor little U.S. firms must pay?
... the actual tax rate corporations pay, called the "effective" tax rate, is at 12.1 percent of profits, the lowest level it's been since 1972, Think Progress reports. Likewise, tax revenue as a percentage of gross domestic product is at lows not seen since the 1940s, according to CTJ.
Meanwhile, the GOP's House budget guy Paul Ryan wants to lower the corporate tax rate to 25 percent and close unspecified "special interest loopholes" later. Probably much later. As in next century. (Does anybody believe he'll do it? Not with our pay-to-play Congress. Throw them a bit of campaign cash and they'll give you a huge ROI for your lobbying dollars via the IRS.)
By Harry Bradford
April 9, 2012 | Huffington Post
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