~~August 23, 2015~~
LOOPHOLES AND TAX “SHELTERS”
10 Big Corporate Tax Breaks, and Who Benefits
U.S. corporations — like many Americans — exploit every available rule in the tax code to minimize the taxes they pay. The United States has one of the highest corporate tax rates in the world, at 35 percent (not including any state levies), yet the actual amount in corporate taxes that the government collects (“the effective tax rate”) is lower than those of Germany, Canada, Japan and China, among others.
The reason is confusingly called “tax expenditures,” a doublespeak term designed to legitimize special interest tax breaks and loopholes.
With advice from the Urban Institute’s Eric Toder, one of the country’s foremost authorities on corporate tax policy, we assembled the 10 most costly corporate tax loopholes and who benefits from them.
Graduated Corporate Income
Inventory Property Sales
Research and Experimentation Tax Credit
Deferred Taxes for Financial Firms on Certain Income Earned Overseas
Alcohol Fuel Credit
Credit for Low-Income Housing Investments
Accelerated Depreciation of Machinery and Equipment
Deduction for Domestic Manufacturing
Exclusion of Interest on State and Local Bonds
Deferral of Income from Controlled Foreign Corporations
“As it appears in … full read/full credit”
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