Over the past decade, three-fourths of corporate income tax liability was incurred by firms in four sectors: manufacturing, finance and insurance, wholesale and retail trade, and management of companies (holding companies). Manufacturing firms paid a significantly higher share of taxes than their share of net worth, but about the same as their share of receipts. Finance and insurance companies paid very little tax in relation to their net worth, but a larger share of taxes than their share of receipts. Retailers paid high taxes relative to their net worth, but low taxes in relation to receipts.
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