Economy

CHART: The Global Corporate Tax Rate Plummeted In The Last Decade

CREDIT:

Evidence that the global corporate tax rate has dropped significantly in the past decade counters a conservative myth that corporations suffer from too-high taxes. As several countries — most prominently the UK — renew scrutiny over tax dodging, a Deutsche Bank report illustrates how the global effective corporate tax rate has dropped significantly in the past decade:

Corporations avoid paying taxes on billions in earnings by registering profits to low-tax havens. Recently, Amazon, and Starbucks, among others, have faced fire in the UK for “immoral” tax dodging. Starbucks pays an overseas tax rate of 13 percent, “one of the lowest in the consumers goods sector,” while Apple and Amazon have paid single-digit global tax rates and just 3.2 percent and 5.3 percent on overseas profit.

In the U.S., corporate profits are at an all-time high, while revenue from the corporate income tax has plummeted. (HT: Business Insider)