The report, compiled by an advocacy group, Citizens for Tax Justice and the nonpartisan Institute on Taxation and Economic Policy, examined corporate financial statements from 280 companies on the Fortune 500 list, all of whom were profitable during the 2008-10 period. "These 280 corporations received a total of nearly $223 billion in tax subsidies," said Robert McIntyre, director at Citizens for Tax Justice and the report's lead author. "This is wasted money that could have gone to protect Medicare, create jobs and cut the deficit." Bay Area firms among 30 not paying federal taxes While the statutory tax rate for corporations in the U.S. is 35 percent, the report says companies use legal tax loopholes and move business offshore to evade taxes. As a result, the average tax rate for all 280 companies was 18.5 percent over the last three years. Only 71 of the 280 companies, or about 25 percent, paid more than 30 percent in taxes over the three years, with an average tax rate of 32.3 percent. Bottom Line - 30 companies paid 'less than zero' taxes in recent years Pepco Holdings Inc, a Washington, D.C.-area power company, had the lowest effective tax rate, at negative 57.6 percent, among the 280 Fortune 500 companies studied. The statutory U.S. corporate income tax rate is 35 percent, one of the highest in the world; but over the 2008-2010 period, very few of the companies studied paid it, said the report. Thirty companies paid no U.S. income tax 2008-2010: report | Reuters ---------------------------------- Why does this make Republicans giddy with happiness?