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