Washington Post: Answers to Major Questions about the Republican Tax Plan

Boosting corporate income tax rates and squeezing loopholes would hurt other companies, such as capital intensive industries. Oil and gas companies, for example, take advantage of special depreciation rates, two of which are about a century old. International companies – such as pharmaceutical or technology firms – shelter income abroad to avoid taxes in the United States.

A report by the Institute on Taxation and Economic Policy covering 2008-2015 estimates that capital-intensive industries such as the utilities, gas and electric sector paid only 3.1 percent effective corporate tax rate, telecommunications 11.5 percent and Internet services and retailing 15.6 percent effective rates. The report said that over the eight year period just 25 companies claimed $286 billion in tax breaks. Read more