NEW YORK (CNNMoney)–corporate tax rate is 35%. But the nation's largest company inspection 280 points out that many do not pay anything close to it.
Real tax rates paid by many large corporations averaged closer to 11.5%, according to a study released Thursday by two research groups liberal tax.
The report issued by citizens for tax justice and the Institute of taxation and economic policy as a corporate tax code to paint wild inefficient, riddled with holes and subject to the influence of lobbyists who carve out a special provisions for companies they represent.
The study looked at 280 companies in the Fortune 500 are beneficial for all three years between 2008 and 2010.
Results: 111 companies pay an effective tax rate of less than 17.5% during the period of three years; 98 paid value of between 17.5% and 30%; and 71 paid more than 30%.