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The United States pays higher corporate taxes than most other G20 countries, but it's not as high as it looks at first glance. Companies often pay much lower than the rate that is written into law after taking into account deductions, credits and other provisions of the tax code.

Why this matters: One of the GOP's biggest arguments for lowering the corporate tax rate — now likely to go down from 35 to 21 percent in the final tax bill that's being written now — is that it will make the U.S. more competitive internationally. While economists disagree on whether the bill would effectively do this, it is true that rates in the U.S. are comparatively higher than in other countries.

Expand chart
Data: CBO via Tax Foundation. Note: Italy (-23%) is not included in the Marginal effective rate. Chart: Andrew Witherspoon / Axios

What the different rates measure, per the Congressional Budget Office:

  • Statutory rate: The legal tax rate. Federally, the top corporate rate is 35 percent, but with state taxes factored in, the total average rate was 39.1 percent in 2012.
  • Average corporate rate: The total amount of corporate taxes a company pays as a share of its income.
  • Effective marginal rate: A corporation's tax burden on returns from a marginal investment.

Go deeper

Hope King, author of Closer
57 mins ago - Economy & Business

Peloton pumps its brakes

Data: FactSet; Chart: Axios Visuals

Peloton’s popularity is falling as swiftly as it shot up.

Why it matters: Not all pandemic habits stick around. Peloton's trajectory over the past two years exemplifies how challenging it's been for companies to gauge shifts in consumer demand — particularly in sectors heavily altered by the pandemic.

First look: Senators propose bill to ban corporate PACs

Sens. Jon Ossoff and Mark Kelly. Photos: Chip Somodevilla (left), Courtney Pedroza/Getty Images

Sens. Mark Kelly (D-Ariz.) and Jon Ossoff (D-Ga.) will soon propose a bill prohibiting for-profit corporations from establishing and managing political action committees, according to a copy of the legislation obtained by Axios.

Why it matters: The introduction of "The Ban Corporate PACs Act" comes amid heightened scrutiny on Capitol Hill regarding money in politics, including efforts to bar companies from influencing political campaigns and federal elections. It would likely face a court challenge and First Amendment concerns.

3 hours ago - Technology

Exclusive: YouTube shuts down two Oath Keepers channels

Stewart Rhodes, founder of Oath Keepers. (Photo: Aaron C. Davis/The Washington Post via Getty Images)

YouTube has deactivated two channels linked to the Oath Keepers militia group whose members have been charged in relation to the January 6 Capitol riot, the company told Axios.

The big picture: Social media platforms that were used to plan or promote the Capitol attack have moved with varying degrees of speed to bar the accounts involved.