Companies reduced tax bills 50% through tax breaks, GAO finds

04/16/2013 | Hill, The

Companies trimmed $181 billion from their tax bills in 2011 through the use of tax breaks, especially those for accelerated depreciation and deferral of offshore profits, according to a report from the Government Accountability Office. This was also the amount they paid in taxes for that year. Individuals took advantage of about two-thirds as many tax breaks as companies, the report also found.

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Hill, The

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