By Pat Garofalo posted from ThinkProgress Economy on Dec 10, 2012
Corporate profits are currently at an all-time high (while worker wages as a percentage of the economy have plummeted to record lows). But despite those sky-high profits, corporate income tax revenue is projected to be just 1.5 percent of GDP this year, below the recent average and far below the amount raised by the tax just a few decades ago.
Between 2008 and 2011, dozens of multinational corporations paid no corporate income tax at all, despite making billions in profits. In 2011, the effective tax rate paid by American corporations fell to 12.1 percent, a forty-year low.