Most companies in US avoid federal income taxes »
Posted By mickoleon 3 months, 3 weeks ago in Business & FinanceThe study by the Government Accountability Office , expected to be released Tuesday, said about 68 percent of foreign companies doing business in the U.S. avoided corporate taxes over the same period.
Read Full Story at news.yahoo.com »
Related Articles:
Join the Discussion 
+ Add Comment
Comments So Far: 10
-
80%
Beau78903 months, 3 weeks ago
the study also said that two-thirds of U.S. corporations paid no federal income taxes between 1998 and 2005, according to a new report from Congress.
Reply
Seems like only yesterday people were telling me how much money corporations paid in taxes and how helpful that is to American citizens.
Where did that myth come from?
More from the article:
"The GAO study did not investigate why corporations weren't paying federal income taxes or corporate taxes and it did not identify any corporations by name. It said companies may escape paying such taxes due to operating losses or because of tax credits.
"More than 38,000 foreign corporations had no tax liability in 2005 and 1.2 million U.S. companies paid no income tax, the GAO said. Combined, the companies had $2.5 trillion in sales. About 25 percent of the U.S. corporations not paying corporate taxes were considered large corporations, meaning they had at least $250 million in assets or $50 million in receipts."
$2.5 trillion in sales. And not a penny paid in taxes.
A quarter of the 1.2 million U.S. companies not paying taxes had at least $250 million in assets, but STILL paid NO TAXES. -
-
80%
Beau78903 months, 3 weeks ago
That's right. But with them not paying taxes, they're simply passing the cost of their money-grubbing greed to their customers.
Reply
And I hope now that you've seen this, you'll never argue that corporations pay WAY too much in taxes and pay for most of the federal budget, as some out here do. -
100%
Lurch3 months, 3 weeks ago
Wolfie,
Reply
WTH do you think George F`in Bush does with his federal debt??
Bush passes "all" costs of doing govt business on to us taxpayers. If you were 1/10th as concerned about paying for Bush taxes, which you get nothing from, as you were for paying for sales taxes, which you get something from, people would think you were reasonable and logical.
Bush is the worst spender of our money in American history. Where`s your outrage Wolfie?
-
-
-
-
50%
Beau78903 months, 3 weeks ago
It's all about campaign finance. They wrote the tax code that way to get money so they can keep their jobs.
Reply
And as long as the Supreme Court insists that money is speech and can't be limited, it'll stay that way. -
0%
TheRealizer3 months, 2 weeks ago
Hell..that is the American Way, let the working class support the bloated government....
Reply
-
-
-
Add a Comment
Please keep your comments relevant to this story.
To create a live link, simply type the URL (including http://) or email address and we will make it a live link for you. You can put up to 3 URLs in your comments. Line breaks and paragraphs are automatically converted — no need to use <p> or <br /> tags.