Sorry, BK. I didn't realize that WSJ articles required a subscription.

The bottom line of the article is...

• Corporate tax receipts as a share of profits are at their lowest level in at least 40 years.

• Total corporate federal taxes paid fell to 12.1% of profits in 2011 according to the Congressional Budget Office.

• Corporate tax receipts are at the lowest level since 1972, less than half the 25.6% companies paid on average from 1987 to 2008.

• As the result, the CBO raised its projection for the government's 2012 budget deficit from $973 billion to close to $1.2 trillion, in part because of low corporate tax receipts.

But the GOP continues to say that the U.S. has some of the highest business tax rates among all the developed counties and needs even further cuts to business taxes. They don't point out that after the myriad of tax breaks available to U.S. companies as the result of the efforts of a variety of lobbyists, companies don't actually pay anywhere close to the published corporate income tax rate. And this at the same time that the House of Representatives, currently controlled by that same political party, has made no move whatsoever to cut government spending and actually begin to move towards a balanced federal budget.