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Tag Archive: Corporate Tax Rate

Lobbying and declining corporate tax burdens

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According to a report today in the Washington Post, most companies in the Dow 30 have dropped their tax rates by at least half in the last four decades. The article notes a few factors: the corporate tax rate of today (35%) actually is lower than the corporate tax rate of 1971 (48%); Large U.S. companies today are increasingly multinational companies and so can keep corporate profits overseas; Companies have become increasingly aggressive in their tax strategies. But here’s another factor: Lobbying. Changes in reported tax rates

Company 2007-2010 decline 2007 rate 2010 rate 2007- 2009 lobbying (in millions) Estimated tax reduction (in millions)
Exxon Mobil -1.1% 41.8% 40.7% $81.92 -$565.32
Verizon Communications -7.9% 27.4% 19.4% $77.58 -$1,005.51
General Electric -7.6% 15.0% 7.4% $73.17 -$1,082.70
At&T -40.4% 34.0% -6.4% $70.96 -$7,359.95
Altria +0.2% 31.5% 31.7% $63.31 none
Amgen -7.1% 20.1% 13.0% $58.33 -$377.16
Northrop Grumman -11.4% 32.9% 21.5% $57.56 -$296.08
Boeing -7.1% 33.7% 26.5% $56.99 -$321.5
Median among 200 companies -0.6% 31.8% 31.6% $5.48 -$13.08

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