Detroit Bankrupt

[moreluck]

The Next Detroit? Bond Rating for Rahm's Chicago Downgraded by Moody's

 

[Upsmule]

Detroit. Yet another microcosm for an inept administration with a proven failed ideology.

Get off your @sses and vote all the bastards out.

 

[oldngray]

The Next Detroit? Bond Rating for Rahm's Chicago Downgraded by Moody's

Obama would probably bail out Chicago.

 

[bbsam]

Detroit. Yet another microcosm for an inept administration with a proven failed ideology.

Get off your @sses and vote all the bastards out.

That's what unions will do to ya.

 

[wkmac]

Tell you what...You can take the politicians that are running our state for FREE!!

Can we run a special and throw in the other 49 along with Washington DC ?

 

[purplesky]

Its the outsourcing of America people. Corporate America has been selling out this country for decades and you people blame Obama? You blame the unions? Really? Who made the call to outsource in the corp. boardrooms?

Who made the decisions 30plus years ago to ship jobs away when AMERICAN CORPORATIONS HELPED BUILD CHINA,India,Mexico,etc. BY SETTING UP SHOP THERE AND THEN CALLING IT GLOBAL COMPETITION(Against themselves)?

So wages have been flat for how long? Detroit and many broke cities have nothing to do with Obama? This started decades ago AND COPRPORATE AMERICA KNEW EXACTLY WHAT THEY WERE DOING TO THIS COUNTRY AND JUST TOOK THOSE EASY BONUSES.

There is blame to go around for everyone and that includes ALL PARTIES INVOLVED.

Who created the economic enviroment in this country for the lost generation to exist? The same people that sold out America and outsourced the crap out of the USA to make a fast buck.

The train left the station decades ago. Blame companies like these below that export Americas future by shipping jobs away.

3Com
3M

A
Aalfs Manufacturing
Aavid Thermal Technologies
ABC-NACO
Accenture
Access Electronics
Accuride Corporation
Accuride International
Adaptec
ADC
Adobe Systems
Advanced Energy Industries
Aetna
Affiliated Computer Services
AFS Technologies
A.G. Edwards
Agere Systems
Agilent Technologies
AIG
Alamo Rent A Car
Albany International Corp.
Albertson's
Alcoa
Alcoa Fujikura
Allen Systems Group
Alliance Semiconductor
Allstate
Alpha Thought Global
Altria Group
Amazon.com
AMD
Americ Disc
American Dawn
American Express
American Greetings
American Household
American Management Systems
American Standard
American Uniform Company
AMETEK
AMI DODUCO
Amloid Corporation
Amphenol Corporation
Analog Devices
Anchor Glass Container
ANDA Networks
Anderson Electrical Products
Andrew Corporation
Anheuser-Busch
Angelica Corporation
Ansell Health Care
Ansell Protective Products
Anvil Knitwear
AOL
A.O. Smith
Apple
Applied Materials
Ark-Les Corporation
Arlee Home Fashions
Art Leather Manufacturing
Artex International
ArvinMeritor
Asco Power Technologies
Ashland
AstenJohnson
Asyst Technologies
Atchison Products, Inc.
A.T. Cross Company
AT&T
AT&T Wireless
A.T. Kearney
Augusta Sportswear
Authentic Fitness Corporation
Automatic Data Processing
Avanade
Avanex
Avaya
Avery Dennison
Azima Healthcare Services
Axiohm Transaction Solutions

B
Bank of America
Bank of New York
Bank One
Bard Access Systems
Barnes Group
Barth & Dreyfuss of California
Bassett Furniture
Bassler Electric Company
BBi Enterprises L.P.
Beacon Blankets
BearingPoint
Bear Stearns
BEA Systems
Bechtel
Becton Dickinson
BellSouth
Bentley Systems
Berdon LLP
Berne Apparel
Bernhardt Furniture
Best Buy
Bestt Liebco Corporation
Beverly Enterprises
Birdair, Inc.
BISSELL
Black & Decker
Blauer Manufacturing
Blue Cast Denim
Bobs Candies
Borden Chemical
Bourns
Bose Corporation
Bowater
BMC Software
Boeing
Braden Manufacturing
Briggs Industries
Brady Corporation
Bristol-Myers Squibb
Bristol Tank & Welding Co.
Brocade
Brooks Automation
Brown Wooten Mills Inc.
Buck Forkardt, Inc.
Bumble Bee
Burle Industries
Burlington House Home Fashions
Burlington Northern and Santa Fe Railway

C
Cadence Design Systems
Camfil Farr
Candle Corporation
Cains Pickles
Capital One
Cardinal Brands
Carrier
Carter's
Caterpillar
C-COR.net
C&D Technologies
Cellpoint Systems
Cendant
Centis, Inc.
Cerner Corporation
Charles Schwab
ChevronTexaco
The Cherry Corporation
CIBER
Ciena
Cigna
Circuit City
Cirrus Logic
Cisco Systems
Citigroup
Clear Pine Mouldings
Clorox
CNA
Coastcast Corp.
Coca-Cola
Cognizant Technology Solutions
Collins & Aikman
Collis, Inc.
Columbia House
Comcast Holdings
Comdial Corporation
Computer Associates
Computer Horizons
Computer Sciences Corporation
CompuServe
Concise Fabricators
Conectl Corporation
Conseco
Consolidated Metro
Continental Airlines
Convergys
Cooper Crouse-Hinds
Cooper Tire & Rubber
Cooper Tools
Cooper Wiring Devices
Copperweld
Cordis Corporation
Corning
Corning Cable Systems
Corning Frequency Control
Countrywide Financial
COVAD Communications
Covansys
Creo Americas
Cross Creek Apparel
Crouzet Corporation
Crown Holdings
CSX
Cummins
Cutler-Hammer
Cypress Semiconductor

D
Dana Corporation
Daniel Woodhead
Davis Wire Corp.
Daws Manufacturing
Dayton Superior
DeCrane Aircraft
Delco Remy
Dell Computer
DeLong Sportswear
Delphi
Delta Air Lines
Delta Apparel
Direct TV
Discover
DJ Orthopedics
Document Sciences Corporation
Dometic Corp.
Donaldson Company
Douglas Furniture of California
Dow Chemical
Dresser
Dun & Bradstreet
DuPont

E
Earthlink
Eastman Kodak
Eaton Corporation
Edco, Inc.
Editorial America
eFunds
Edscha
Ehlert Tool Company
Elbeco Inc.
Electroglas
Electronic Data Systems
Electronics for Imaging
Electro Technology
Eli Lilly
Elmer's Products
E-Loan
EMC
Emerson Electric
Emerson Power Transmission
Emglo Products
Engel Machinery
En Pointe Technologies
Equifax
Ernst & Young
Essilor of America
Ethan Allen
Evenflo
Evergreen Wholesale Florist
Evolving Systems
Evy of California
Expedia
Extrasport
ExxonMobil

friend
Fairfield Manufacturing
Fair Isaac
Fansteel Inc.
Farley's & Sathers Candy Co.
Fasco Industries
Fawn Industries
Fayette Cotton Mill
FCI USA
Fedders Corporation
Federal Mogul
Federated Department Stores
Fellowes
Fender Musical Instruments
Fidelity Investments
Financial Techologies International
Findlay Industries
First American Title Insurance
First Data
First Index
Fisher Hamilton
Flowserve
Fluor
FMC Corporation
Fontaine International
Ford Motor
Foster Wheeler
Franklin Mint
Franklin Templeton
Freeborders
Frito Lay
Fruit of the Loom

G
Garan Manufacturing
Gateway
GE Capital
GE Medical Systems
Gemtron Corporation
General Binding Corporation
General Cable Corp.
General Electric
General Motors
Generation 2 Worldwide
Genesco
Georgia-Pacific
Gerber Childrenswear
GlobespanVirata
Goldman Sachs
Gold Toe Brands
Goodrich
Goodyear Tire & Rubber
Google
Graphic Controls
Greenpoint Mortgage
Greenwood Mills
Grote Industries
Grove U.S. LLC
Guardian Life Insurance
Guilford Mills
Gulfstream Aerospace Corp.

H
Haggar
Halliburton
Hamilton Beach/Procter-Silex
The Hartford Financial Services Group
Harper-Wyman Company
Hasbro Manufacturing Services
Hawk Corporation
Hawker Power Systems, Inc.
Haworth
Headstrong
HealthAxis
Hedstrom
Hein-Werner Corp.
Helen of Troy
Helsapenn Inc.
Hershey
Hewitt Associates
Hewlett-Packard
Hoffman Enclosures, Inc.
Hoffman/New Yorker
The Holmes Group
Home Depot
Honeywell
HSN
Hubbell Inc.
Humana
Hunter Sadler
Hutchinson Sealing Systems, Inc
HyperTech Solutions

I
IBM
iGate Corporation
Illinois Tool Works
IMI Cornelius
Imperial Home Decor Group
Indiana Knitwear Corp.
IndyMac Bancorp
Infogain
Ingersoll-Rand
Innodata Isogen
Innova Solutions
Insilco Technologies
Intel
InterMetro Industries
International Paper
Interroll Corporation
Intuit
Invacare
Iris Graphics, Inc.
Isola Laminate Systems
Iteris Holdings, Inc.
ITT Educational Services
ITT Industries

J
Jabil Circuit
Jacobs Engineering
Jacuzzi
Jakel, Inc.
JanSport
Jantzen Inc.
JDS Uniphase
Jockey International
John Crane
John Deere
Johns Manville
Johnson Controls
Johnson & Johnson
JPMorgan Chase
J.R. Simplot
Juniper Networks
Justin Brands

K
KANA Software
Kaiser Permanente
Kanbay
Kayby Mills of North Carolina
Keane
Kellogg
Kellwood
KEMET
KEMET Electronics
Kendall Healthcare
Kenexa
Kentucky Apparel
Kerr-McGee Chemical
KeyCorp
Key Industries
Key Safety Systems
Key Tronic Corp.
Kimberly-Clark
KLA-Tencor
Knight Textile Corp.
Kojo Worldwide Corporation
Kraft Foods
K2 Inc.
Kulicke and Soffa Industries
Kwikset

L
Lancer Partnership
Lander Company
LaCrosse Footwear
Lamb Technicon
Lau Industries
Lands' End
Lawson Software
Layne Christensen
Leach International
Lear Corporation
Leech Tool & Die Works
Lehman Brothers
Leoni Wiring Systems
Levi Strauss
Leviton Manufacturing Co.
Lexmark International
Lexstar Technologies
Liebert Corporation
Lifescan
Lillian Vernon
Linksys
Linq Industrial Fabrics, Inc.
Lionbridge Technologies
Lionel
Littelfuse
LiveBridge
LNP Engineering Plastics
Lockheed Martin
Longaberger
Louisiana-Pacific Corporation
Louisville Ladder Group LLC
Lowe's
Lucent
Lund International
Lyall Alabama

M
Madill Corporation
Magma Design Automation
Magnequench
Magnetek
Maidenform
Mallinckrodt, Inc.
The Manitowoc Company
Manugistics
Marathon Oil
Maritz
Mars
Marshall Fields
Mattel
Master Lock
Materials Processing, Inc.
Maxim Integrated Products
Maxi Switch
Maxxim Medical
Maytag
McDATA Corporation
McKinsey & Company
MeadWestvaco
Mediacopy
Medtronic
Mellon Bank
Mentor Graphics Corp.
Meridian Automotive Systems
Merit Abrasive Products
Merrill Corporation
Merrill Lynch
Metasolv
MetLife
Micro Motion, Inc.
Microsoft
Midcom Inc.
Midwest Electric Products
Milacron
Modern Plastics Technics
Modine Manufacturing
Moen
Money's Foods Us Inc.
Monona Wire Corp.
Monsanto
Morgan Stanley
Motion Control Industries
Motor Coach Industries International
Motorola
Mrs. Allison's Cookie Co.
Mulox

N
Nabco
Nabisco
NACCO Industries
National City Corporation
National Electric Carbon Products
National Life
National Semiconductor
NCR Corporation
neoIT
NETGEAR
Network Associates
Newell Rubbermaid
Newell Window Furnishings
New World Pasta
New York Life Insurance
Nice Ball Bearings
Nike
Nordstrom
Northrop Grumman
Northwest Airlines
Nu Gro Technologies
Nu-kote International
NutraMax Products
Nypro Alabama

O
O'Bryan Brothers Inc.
Ocwen Financial
Office Depot
Ogden Manufacturing
Oglevee, Ltd
Ohio Art
Ohmite Manufacturing Co.
Old Forge Lamp & Shade
Omniglow Corporation
ON Semiconductor
Orbitz
Oracle
OshKosh B'Gosh
Otis Elevator
Outsource Partners International
Owens-Brigam Medical Co.
Owens Corning
Oxford Automotive
Oxford Industries

P
Pacific Precision Metals
Pak-Mor Manufacturing
palmOne
Parallax Power Components
Paramount Apparel
Parker-Hannifin
Parsons E&C
Paxar Corporation
Pearson Digital Learning
Peavey Electronics CorporationÊÊ
PeopleSoft
PepsiCo
Pericom Semiconductor
PerkinElmer
PerkinElmer Life Sciences, Inc.
Perot Systems
Pfaltzgraff
Pfizer
Phillips-Van Heusen
Pinnacle West Capital Corporation
Pitney Bowes
Plaid Clothing Company
Planar Systems
Plexus
Pliant Corporation
PL Industries
Polaroid
Polymer Sealing Solutions
Portal Software
Portex, Inc.
Portola Packaging
Port Townsend Paper Corp.
Power One
Pratt & Whitney
Price Pfister
priceline.com
Pridecraft Enterprises
Prime Tanning
Primus Telecom
Procter & Gamble
Progress Lighting
ProQuest
Providian Financial
Prudential Insurance

Q
Quaker Oats
Quadion Corporation
Quantegy
Quark
Qwest Communications

R
Radio Flyer
Radio Shack
Rainbow Technologies
Rawlings Sporting Goods
Rayovac
Raytheon Aircraft
RCG Information Technology
Red Kap
Regal-Beloit Corporation
Regal Rugs
Respiratory Support Products
Regence Group
R.G. Barry Corp.
Rich Products
River Holding Corp.
Robert Mitchell Co., Inc.
Rockwell Automations
Rockwell Collins
Rogers
Rohm & Haas
Ropak Northwest
RR Donnelley & Sons
Rugged Sportswear
Russell Corporation

S
S1 Corporation
S & B Engineers and Constructors
Sabre
Safeway
SAIC
Sallie Mae
Samsonite
Samuel-Whittar, Inc.
Sanford
Sanmina-SCI
Sapient
Sara Lee
Saturn Electronics & Engineering
SBC Communications
Schumacher Electric
Scientific Atlanta
Seal Glove Manufacturing
Seco Manufacturing Co.
SEI Investments
Sequa Corporation
Seton Company
Sheldahl Inc.
Shipping Systems, Inc.
Siebel Systems
Sierra Atlantic
Sights Denim Systems, Inc.
Signal Transformer
Signet Armorlite, Inc
Sikorsky
Silicon Graphics
Simula Automotive SafetyÊ
SITEL
Skyworks Solutions
SMC Networks
SML Labels
SNC Manufacturing CompanyÊ
SoftBrands
Sola Optical USA
Solectron
Sonoco Products Co.
Southwire Company
Sovereign Bancorp
Spectrum Control
Spicer Driveshaft Manufacturing
Springs Industries
Springs Window Fashions
Sprint
Sprint PCS
SPX Corporation
Square D
Standard Textile Co.
Stanley Furniture
Stanley Works
Stant Manufacturing
Starkist Seafood
State Farm Insurance
State Street
Steelcase
StorageTek
StrategicPoint Investment Advisors
Strattec Security Corp.
STS Apparel Corporation
Summitville Tiles
Sun Microsystems
Sunrise Medical
SunTrust Banks
Superior Uniform Group
Supra Telecom
Sure Fit
SurePrep
The Sutherland Group
Sweetheart Cup Co.
Swift Denim
Sykes Enterprises
Symbol Technologies
Synopsys
Synygy

T
Takata Retraint Systems
Target
Teccor Electronics
Techalloy Company, Inc.
Technotrim
Tecumseh
Tee Jays Manufacturing
Telcordia
Telect
Teleflex
TeleTech
Telex Communications
Tellabs
Tenneco Automotive
Teradyne
Texaco Exploration and Production
Texas Instruments
Textron
Thermal Industries
Therm-O-Disc, Inc.
Thomas & Betts
Thomasville Furniture
Thomas Saginaw Ball Screw Co.
Three G's Manufacturing Co.
Thrivent Financial for Lutherans
Time Warner
Tingley Rubber Corp.
The Timken Company
The Toro Company
Tomlinson Industries
Tower Automotive
Toys "R" Us
Trailmobile Trailer
Trans-Apparel Group
TransPro, Inc.
Trans Union
Travelocity
Trek Bicycle Corporation
Trend Technologies
TriMas Corp.
Trinity Industries
Triquint Semiconductor
TriVision Partners
Tropical Sportswear
TRW Automotive
Tumbleweed Communications
Tupperware
Tyco Electronics
Tyco International

U
UCAR Carbon Company
Underwriters Laboratories
UniFirst Corporation
Union Pacific Railroad
Unison Industries
Unisys
United Airlines
UnitedHealth Group Inc.
United Online
United Plastics Group
United States Ceramic Tile
United Technologies
Universal Lighting Technologies
USAA

V
Valence Technology
Valeo Climate Control
VA Software
Velvac
Vertiflex Products
Veritas
Verizon
VF Corporation
Viasystems
Vishay
Visteon
VITAL Sourcing

W
Wabash Alloys, L.L.C.
Wabash Technologies
Wachovia Bank
Walgreens
Walls Industries
Warnaco
Washington Group International
Washington Mutual
WebEx
WellChoice
Wellman Thermal Systems
Walls Industries
Werner Co.
West Corporation
Weavexx
Weiser Lock
West Point Stevens
Weyerhaeuser
Whirlpool
White Rodgers
Williamson-Dickie Manufacturing Company
Winpak Films
Wolverine World Wide
Woodstock Wire Works
WorldCom
World Kitchen
Wyeth
Wyman-Gordon Forgings

X
Xerox
Xpectra Incorporated
Xpitax

Y
Yahoo!
Yarway Corporation
York International

Z
Zenith
ZettaWorks

 

[klein]

Our Canadian news profiled Detriot as 1 of the largest cities in it's past, with 1.8 million citizens in 1950 !
Those were the Auto-boom years - before the japs (honda, toyota,)..
Now the city has fallen to 700.000 !
Just not enough tax revenue to keep the large city going.
OH well, guess it's just tough or bad luck.

 

[oldngray]

Detroit was the 4th largest city in US at one time but the auto industry collapsed then most other businesses left when Detroit tried to get them to keep support their lavish spending. All city officials are grossly overpaid with many extra perks paid for by taxpayers. Rampant corruption. Detroit schools spend more than average (near the top of large US cities) yet a student has a better chance of ending up in jail than graduating. They made this mess expecting others to jump in and bail them out. In my opinion, No Freaking Way!!!

 

[moreluck]

Our Canadian news profiled Detriot as 1 of the largest cities in it's past, with 1.8 million citizens in 1950 !
Those were the Auto-boom years - before the japs (honda, toyota,)..
Now the city has fallen to 700.000 !
Just not enough tax revenue to keep the large city going.
OH well, guess it's just tough or bad luck.

The Islamic capitol of the U.S.?????????.........you're in for 'tough luck' too if they decide to cross the border.

Michigan: the Islamic capital of the US

 

[moreluck]

 

[Upsmule]

Its the outsourcing of America people. Corporate America has been selling out this country for decades and you people blame Obama?

Absolutely not! Obama doesn't know his own @ss from Treyvon Martin's. I wouldn't give him credit for whats wrong with America nor whats working. Your almost correct though....it is outsourcing but it's hardly "corporate America" that has sold us all out. It's CONGRESS that regulates capitalism to DEATH forcing SMART businessmen and women to go over seas, period. Kill the corrupt IRS for starters, and encourage companies to come back home as well as other nations to do business here without being taxed to death, it ain't rocket science people. Unless your blinded by a special interest agenda and refuse to see much less face reality.

 

[Catatonic]

Detroit was the 4th largest city in US at one time but the auto industry collapsed then most other businesses left when Detroit tried to get them to keep support their lavish spending. All city officials are grossly overpaid with many extra perks paid for by taxpayers. Rampant corruption. Detroit schools spend more than average (near the top of large US cities) yet a student has a better chance of ending up in jail than graduating. They made this mess expecting others to jump in and bail them out. In my opinion, No Freaking Way!!!

Ask Houston and Atlanta and various other cities within a thousand miles of New Orleans.
You might want to prop Detroit up so all the left-behinds don't come to your town.

 

[Catatonic]

Its the outsourcing of America people. Corporate America has been selling out this country for decades a ... Blame companies like these below that export Americas future by shipping jobs away.



friend

U

You forgot FedEx and UPS.

Call center agents, programmers, accounting personnel, key-entry personnel, etc.

​Both companies have exported these jobs outside the US.

 

[moreluck]

You forgot FedEx and UPS.

Call center agents, programmers, accounting personnel, key-entry personnel, etc.

​Both companies have exported these jobs outside the US.

I though the red "friend" was fedex and the red "U" was ups.

 

[toonertoo]

Taylor, and Dearborn were heavy Islamic in the 70s. I thought nothing of it. There were also parts that were Greek, Italian, Slovak , and Spanish. I thought that's just how it was.

 

[MrFedEx]

Taylor, and Dearborn were heavy Islamic in the 70s. I thought nothing of it. There were also parts that were Greek, Italian, Slovak , and Spanish. I thought that's just how it was.

IT"S OBAMA'S FAULT!! Detroit used to be an economic powerhouse, before the Big 3 shut-down most of the plants and outsourced jobs to Mexico and to Right-to-Work (for far less) states. The suppliers did the same thing, except they went to China, India and the usual low-wage, no environmental law countries. The net result was a huge loss of middle-class jobs and an enormous erosion of the tax base as people were forced to leave and find work elsewhere. Detroit became an urban wasteland. Who was left behind? Lots and lots of poor blacks and other minority groups more or less stuck there. This is what happens when GOP-style "outsource capitalism" hits a city with a manufacturing-based economy. The rest of us get to pickup the pieces and rebuild Detroit at taxpayer expense.

 

[Upsmule]

The rest of us get to pickup the pieces and rebuild Detroit at taxpayer expense.

Exactly. Certainly not at the expense of the elitists on Capital Hill. Regardless of what letter comes after your name. Hypocrite style thats called. You'd know all about that.

 

[wkmac]

Detroit, Tale of Two Cities

 

[MrFedEx]

Exactly. Certainly not at the expense of the elitists on Capital Hill. Regardless of what letter comes after your name. Hypocrite style thats called. You'd know all about that.

The elitists on Capitol Hill (and elsewhere) have an "R" after their names. And the term "elitist" is a frequent Right Wing talking point/insult. Oh, and "capital" is what corporate lobbyists spread among the GOP so they can spread Republican manure more widely. The "Capitol" is the seat of government. Thought maybe you should know the difference.

 

[purplesky]

Absolutely not! Obama doesn't know his own @ss from Treyvon Martin's. I wouldn't give him credit for whats wrong with America nor whats working. Your almost correct though....it is outsourcing but it's hardly "corporate America" that has sold us all out. It's CONGRESS that regulates capitalism to DEATH forcing SMART businessmen and women to go over seas, period. Kill the corrupt IRS for starters, and encourage companies to come back home as well as other nations to do business here without being taxed to death, it ain't rocket science people. Unless your blinded by a special interest agenda and refuse to see much less face reality.

U.S. Corporations being taxed to death? Really? Do you really know what the effective tax rate for American Corporations is after they USE ALL THE TAX LOOPHOLES THEY LOBBY FOR IN CONGRESS? Here you go. [h=1]U.S. Corporations Pay Average Effective Tax Rate of 12.6 Percent![/h]


U.S. companies face the highest official corporate tax rate in the world. But there's a big difference between the rates set out by law and the cash that's actually collected.

Large, profitable U.S. corporations paid an average effective federal tax rate of 12.6% in 2010, the Government Accountability Office said Monday.

The federal corporate tax rate stands at 35%, and jumps to 39.2% when state rates are taken into account. But thanks to things like tax credits, exemptions and, the actual tax burden of American companies is much lower.

In a report commissioned by Senators Carl Levin (D-Mich.) and Tom Coburn (R.-Okla.), the GAO looked at taxes paid by profitable U.S. corporations with at least $10 million in assets.

Even when foreign, state and local taxes were taken into account, the companies paid only 16.9% of their worldwide income in taxes in 2010.

Coburn said in a statement that the report "underscores the need for comprehensive tax reform."

"An individual's or corporation's tax rate shouldn't be dependent on their ability to hire a tax lobbyist," Coburn said. "It's especially wrong to ask families who are struggling to make ends meet to subsidize special breaks for corporations."

Republicans as well as President Obama have called for a lower statutory corporate rate along with the closing of loopholes. The prospects for such reform appear remote for now, given the fractious nature of the current Congress.

The GAO's calculation for effective corporate tax rates is lower than a number of previous estimates. That's in part because the office excluded unprofitable firms, which pay little or no taxes, from its analysis.

Including those firms' losses would reduce the total net income from which the average tax rate is calculated, and would not "accurately represent the tax rate on the profitable corporations that actually pay the tax," the GAO said.

The GAO used figures on taxes paid from actual IRS returns, which it noted were "on the whole, lower than the tax liabilities reported in the corporate financial statements."

U.S. corporate tax collection totaled 2.6% of GDP in 2011, according to the Organization for Economic Cooperation and Development. That was the eleventh lowest in a ranking of 27 wealthy nations.

The Senate's Permanent Subcommittee on Investigations has hauled several corporate executives to Capitol Hill over the past year for testimony on their tax practices.

A report released by the subcommittee last month charged that Apple (AAPL) used a complicated system of international subsidiaries and cost-shifting strategies to avoid paying taxes on some $74 billion in income from 2009 to 2012.

In September, the subcommittee heard from Microsoft (MSFT) and Hewlett-Packard (HPQ), whom Levin called "case studies of how U.S. multinational corporations... exploit the weaknesses in tax and accounting rules and lax enforcement."

A subcommittee report at the time alleged that Microsoft had saved nearly $7 billion off its U.S. tax bill since 2009 by using loopholes to shift profits offshore. H-P, the report said, avoided paying taxes through a series of loans that shifted billions of dollars between two offshore subsidiaries.