Salon: Apple CEO Tim Cook Thinks a Big Corporate Tax Cut is “What’s Good for America”

Earlier this year, the Institute on Taxation and Economic Policy, a nonpartisan liberal think tank, published research showing that few large profitable companies even come close to paying the 35 percent federal income tax rate on U.S. profits.

The study, which looked at 258 large U.S. companies that reported annual U.S.-based profit from 2008 to 2015, concluded that only one in four of these companies paid more than 30 percent in federal corporate income taxes on their profits. The average tax rate for these companies, which include well-known big names like General Electric and Priceline, was 21.2 percent.

“These findings refute the prevailing view inside the Beltway that America’s corporate income tax is more burdensome than the corporate income taxes levied by other countries, and that this purported (but false) excess burden somehow makes the U.S. ‘uncompetitive,’” the report said. Read more

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