It’s a Myth That Corporate Tax Cuts Mean More Jobs
Our report analyzes the 92 publicly held American corporations
that reported a profit in the United States every year from 2008 through 2015 and paid less than 20 percent of their earnings in federal income tax.
If Congress were to cut the 35 percent tax on corporate profits to 20 percent, he declared,
“I know exactly what AT&T would do — we’d invest more” in the United States.
According to the Institute on Taxation and Economic Policy, AT&T enjoyed an effective tax rate of just 8 percent between 2008
and 2015, despite recording a profit in the United States each year, by exploiting tax breaks and loopholes.
We chose this particular tax threshold because, as Mr. Stephenson mentioned, House Republicans are proposing
to reduce the federal statutory corporate tax rate to 20 percent, down from the current 35 percent.
At the companies that cut jobs, chief executives’ pay last year averaged nearly
$15 million, compared with the $13 million average for S&P 500 companies.
