The corporate tax rate is 35%. But an examination of 280 of the nation’s largest corporations suggests that many aren’t paying anything close to that.

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Not too long ago the prevailing corporate buzzword was “synergy.” Combine one business with another, eliminate redundancies, and watch the profits accumulate. Not all mergers would succeed, of course, but two heads would usually prove better than one, particularly at companies where revenue and innovation had stagnated. In 2011, however, a growing number of large companies are challenging the synergy gospel by spinning pieces of their business off into independent entities.

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You know who’s really mad at Washington? Corporate America.

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