A study by the Government Accountability Office revealed that major American corporations paid an average tax rate of 12.6%, significantly lower than the statutory 35% rate. The report, requested by Senators Carl Levin and Tom Coburn, highlights the use of deductions and loopholes by companies to reduce tax liabilities. The findings have sparked debate on corporate tax reform, with some executives calling for an overhaul of the tax system, while legislators emphasize the need to address loopholes.
documents/EFTA01143212.pdf
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