Corporations Are Better At Tax Loophoes Than You Are

"While individuals have long sought to take advantage of dozens of deductions and loopholes, corporations have famously excelled at this game. How well? Companies paid an average effective federal tax rate of 12.6 percent in 2010, the last time the Government Accountability Office measured the rate. That compares with the nominal federal tax rate of 35 percent, so all those accountants appear to have done their jobs in exploiting the loopholes in our tax code. The chairman of the House Ways and Means Committee, Representative Dave Camp, a Michigan Republican, proposed a vast reform of our tax code this year, eliminating a lot of the Swiss cheese that makes it so porous and, arguably, unfair. Mr. Camp's proposal, as you might imagine, isn't gaining a lot of traction." Andrew Ross Sorkin in The New York Times.