America's corporate tax rate is 35 percent.

But 115 companies on the S&P500 pay less than 20 percent in taxes, according to a study the Capital IQ and The New York Times. That's not even counting 37 companies like Citigroup and AIG that received more in tax credits than they paid.

All this thanks to loopholes in the immensely complicated tax code.

We tracked down the data from Capital IQ to identify the large corporations that pay less than 5 percent in taxes.