The Street: Corporate Tax Cuts Could Add 15% to S&P 500

A new study from the Institute on Taxation and Economic Policy (ITEP) found that 258 consistently-profitable Fortune 500 companies paid an effective federal income tax rate of 21.2% over an eight-year period, well below the statutory 35%. Eighteen corporations, including General Electric (GE) and Priceline (PCLN) , paid no federal income tax, and one-fifth of companies paid an effective tax rate of less than 10%.

“Many of the big corporations that are lobbying for a lower corporate tax rate to be more ‘competitive’ already pay substantially less than the 35% statutory rate,” said ITEP senior fellow Matthew Gardner in a statement. Read more

---