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15 Corporations Paying Taxes At A Lower Rate Than Mitt Romney

15 Companies Paying Less In Taxes Than Romney
Harry Bradford
By 

Former Associate Business Editor, The Huffington Post

FILE - In this Sept. 6, 2011, file photo Republican presidential candidate Gov. Mitt Romney talks about his plan for creating jobs and improving the economy at McCandless International Trucks in Las Vegas. Now in 2012 the economy is weak and the job market brutal. Nearly 13 million Americans can't find work; the national unemployment rate is 8.1 percent, the highest level ever three years after a recession supposedly ended. Romney aims to generate hiring by keeping income taxes low, slashing corporate taxes, relaxing or repealing regulations on businesses and encouraging production of oil and natural gas. (AP Photo/Julie Jacobson, File)
FILE - In this Sept. 6, 2011, file photo Republican presidential candidate Gov. Mitt Romney talks about his plan for creating jobs and improving the economy at McCandless International Trucks in Las Vegas. Now in 2012 the economy is weak and the job market brutal. Nearly 13 million Americans can't find work; the national unemployment rate is 8.1 percent, the highest level ever three years after a recession supposedly ended. Romney aims to generate hiring by keeping income taxes low, slashing corporate taxes, relaxing or repealing regulations on businesses and encouraging production of oil and natural gas. (AP Photo/Julie Jacobson, File)

It turns out Republican presidential nominee Mitt Romney's effective tax rate isn’t so low if you consider the rates many American corporations pay.

Back in January, the Romney campaign estimated the candidate paid a 15 percent rate in 2011. While that return won't officially be released until October, Romney has already faced heat from conservatives and liberals alike for the 13.9 percent tax rate he paid in 2010.

Some of the the largest and most well-known companies paid a significantly lower effective tax rate than Romney in 2011, despite the standard corporate income tax rate of 35 percent, according to statistics from Nerdwallet. JPMorgan Chase and Google, for example, paid about 14 percent. Others, including Bank of America and Citigroup, actually made money on taxes due to certain tax subsidies.

The list of companies paying negative tax rates between 2008 and 2010 is even more substantial. Most notable is PepCo Holdings, which ended up paying a -57.6 percent effective tax rate over that time period.

Here are 15 companies paying a tax rate lower than Mitt Romney’s estimated 15 percent tax rate in 2011:

JPMorgan Chase

15 Companies Paying Less Than Romney's 15 Percent Tax Rate

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