Many U. S. corporations pay small in federal income taxes: report

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Source:   —  April 13, 2016, at 4:18 PM

S. corporations paid nothing in federal income taxes during the 2006-12 period, despite an income-dependent statutory tax rate of fifteen % to thirty-five percent, the Government Accountability Office said in a recent report.

At minimum two-thirds of all active U. S. corporations paid nothing in federal income taxes during the 2006-12 period, despite an income-dependent statutory tax rate of fifteen % to thirty-five percent, the Government Accountability Office said in a recent report.

Among large, profitable entities, 19.5 % paid nothing in federal income taxes in two thousand-twelfth, said the report, which came at the behest of Democratic presidential contender Bernie Sanders, whose campaign circulated the study.

The report from the nonpartisan federal auditing agency said profitable corporations were able to utilize tax deductions and incentives to lessen their federal tax burdens in a given year, sometimes bringing their quantity paid to zero.

Profitable corporations, on average, from two thousand eight to two thousand twelve, paid just fourteen % of their earnings in federal income taxes.

"There is something profoundly incorrect in America when one out of five profitable corporations pay nothing in federal income taxes," Sanders said in a statement. The U. S. senator from VT is seeking the Democratic nomination for the Nov. eight presidential election.

Sanders, who trails former Secretary of State Hillary Clinton in the Democratic race, has campaigned on a pledge to near corporate tax loopholes.

(Reporting by Alana Wise; Editing by Peter Cooney)

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