On March 30, 2012, Pat Garofalo writes on ThinkProgress.org:
But as we’ve noted time and time again, while the U.S. has a high statutory corporate tax rate (meaning the rate on paper), U.S. corporations actually pay incredibly low taxes due to the ever-proliferating loopholes, credits, and deductions in the tax code and the use of overseas tax havens.
U.S. corporate taxes that were actually paid (the effective rate) fell to a 40 year low of 12.1 percent in fiscal year 2011, despite corporate profits rebounding to their pre-Great Recession heights. The U.S. both taxes its corporations less and raises less in revenue from corporate taxes than its foreign competitors.
See http://foreconomicjustice.org/?p=6641 for my Congressional testimony on Tax Reform, which addresses the necessity for economic policy to stimulate growth.
Significantly no progress has been made over the course of the past 40 years since I testified before the United States Congress on the subject of Tax Reform. With slight modifications this could be presented today and is an early foundation to the advocacy of the Just Third Way and the Capital Homestead Act, whose economic component is to broaden private, individual ownership of income-producing productive capital assets. Back in 1973 we advocated the national movement as “a quiet revolution” for economic justice, tax equity, and governmental responsibility. The Master Plan Agenda of The Just Third Way Movement is at http://foreconomicjustice.org/?p=5797.
http://thinkprogress.org/economy/2012/03/30/456005/reminder-corporate-taxes-very-low/
