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Corporate lobbying has undergone a large amount of growth in the past decade and it continues to overshadow political campaign contributions. However, empirical studies on the topic are limited. By using a unique dataset of U.S. firms with publicly available financial information, I assess the benefits accrued to firms from lobbying for tax purposes. I find that firms that spend more on registered lobbying pay lower effective tax rates. In particular, an increase of 1 % on lobbying expenditures lowers effective tax rates by 0.852 percentage points for the average firm that lobbies. When aggregated across all firms, for $7 billion of total tax lobbying expenditure, this results in a massive amount tax savings of roughly $65 billion. Therefore, the marginal return for an additional $1 of lobbying is $9.