America’s 10 most profitable corporations paid an average corporate income tax rate of just 9 percent in 2011, according to a study from financial site NerdWallet reported by the Huffington Post. The 10 companies include Wall Street banks like Wells Fargo and JP Morgan Chase, oil companies like ExxonMobil and Chevron, and tech companies like Apple, IBM, and Microsoft.
Low tax rates help those corporations to redistribute income from the 99 to the 1 percent; the later hold most of the stock and bonds of those companies. Those low tax rates have been engineered legislatively, thanks to some corporate Democrats and corporate Republicans who are easily bought off.
America's 10 Largest Corporations Paid Only 9 Percent in Taxes
