U.S. corporate tax laws full of loopholes

Just as people are getting ready to file their individual tax returns and pay the taxes they owe, David Leonhardt, who writes about the economy for the New York Times, has devoted a column to the taxes U.S. corporations pay and don't pay.

While the federal corporate tax rate is 35 percent, there are so many loopholes in the tax laws that many corporations pay far less than their fair share in taxes.

What percentage of their profits do corporations pay in federal taxes?

Over the last five years, by way of example: General Electric paid only 14.3 percent; Southwest Airlines paid 6.3 percent; Prudential Financial paid 7.6 percent; Yahoo paid 7 percent; Boeing paid 4.5 percent.

Meanwhile, the U.S. government has saddled people with a gigantic public debt that amounts to over $46,000 for every man, woman, and child in the country.

Leonhardt, David. The Paradox of Corporate Taxes. New York Times. February 1, 2011.