U.S. Corporate Tax Rates At Lowest Level In 40 Years

Given many of the comments made in the Republican primary to the contrary, U.S. corporate tax rates as a share of profits are at their lowest level in at least 40 years, reports the Wall Street Journal:

Total corporate federal taxes paid fell to 12.1% of profits earned from activities within the U.S. in fiscal 2011, which ended Sept. 30, according to the Congressional Budget Office. That’s the lowest level since at least 1972. And well below the 25.6% companies paid on average from 1987 to 2008.

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Igor Bobic is the assistant editor of Talking Points Memo, helping oversee the site’s coverage of politics and policy in Washington. While originally from Bosnia and Herzegovina, Igor feels best at home on the beaches of Southern California. He can be reached at igor@talkingpointsmemo.com.

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