Average Corporate Tax Rate Fell By 50% After 2017 GOP Overhaul

The average U.S. corporate tax rate fell by more than half, to 7.8 percent, following the 2017 Republican tax overhaul, according to a new report, which examined the tax year 2018. Taking into account deferred taxes which will be paid in the future, the average rate fell to 13.1 percent from 19.7 percent in 2017. The report, issued by the official Joint Committee on Taxation, also said that corporations continue to use offshore tax havens such as Bermuda to reduce tax bills. In fact, about 10 percent of companies’ foreign-sourced profits are booked in Bermuda, where they paid a paltry 0.4 perc…

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