Eleven U.S. corporations including General Electric Co., BoeingCo. and Wells Fargo & Co. together reported $62 billion indomestic profits in 2010 while paying a negative 3.6 percentfederal tax rate, according to data released today by Citizens forTax Justice.

The Washington-based interest group, which is backed by laborunions, hopes the data will help persuade President Barack Obama toabandon his efforts to rewrite the corporate tax code withoutcollecting additional revenue. The organization said the figuresmake the case for using a corporate tax overhaul to generate morerevenue.

“Our elected officials have a duty to the American public tomake reducing or eliminating the vast array of corporate taxsubsidies the centerpiece of any deficit-reduction strategy,” BobMcIntyre, the director of Citizens for Tax Justice, said in a pressrelease accompanying the report.

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