Major corporations pay 12.6% tax rate, GAO study finds

Although the statutory tax rate for U.S. corporations is 35%, legal loopholes and deductions bring the actual rate down to 12.6% for big and profitable companies, according to a study by the Government Accountability Office. In the 1950s, corporate taxes accounted for more than 30% of the government's tax revenue, but the figure has since fallen to 9%.

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