The Internal Revenue Service found in a recent study that U.S. companies paid federal income taxes on their reported U.S. profits at a rate of 25.3% during 2005 -- far less than the 35% statutory rate, The Wall Street Journal reported today.
The information about tax rates was included in a broader IRS study that examines the gap between income reported to shareholders and the consistently lower income reported to tax authorities, which was published by IRS researchers in the trade journal, Tax Notes.
