The U.S. corporate tax rate may be 35 percent, but most companies end up paying far less after accounting for specific tax breaks.
Some, like utilities, gas and electric companies, paid only 3.1 percent in taxes on their domestic income over the last eight years, according to an updated study released this week by the Institute on Taxation and Economic Policy.
But not all industries have the same access to those loopholes. Telecom companies and industrial machinery companies also paid less than half the official rate, while companies in the retail and health-care sectors paid close to the full 35 percent.
The study calculated effective rates for companies in the Fortune 500 that have been profitable over the full period — companies that report losses, of course, receive even more favorable tax treatment. Here's how much companies paid, broken down by FactSet economic sector: