WASHINGTON, Nov. 4 (UPI) -- Many of the largest U.S. companies paid corporate income taxes at an effective rate far below the 35 percent in the tax code, a report released Thursday said.
Two liberal groups, Citizens for Tax Justice and the Institute on Taxation and Economic Policy, looked at the records of 280 companies that made money each year between 2008 and 2010, CNN reported. They found the companies paid an average of about 18.5 percent in corporate taxes.