NGTON - Unlik e the rest of us, most U.S. corpo ratio ns and forei gn compa nies doing busin ess in the Unite d State s pay no feder al incom e tax, accor ding to a new repor t from Congr ess.
by the Gover nment Accou ntabi lity Offic e, expec ted to be relea sed today , said two- third s of U.S. corpo ratio ns paid no feder al incom e taxes betwe en 1998 and 2005, and about 68 perce nt of forei gn compa nies doing busin ess in the U.S. avoid ed corpo rate taxes over that perio d.
ctive ly, the compa nies repor ted trill ions of dolla rs in sales , accor ding to GAO' s estim ate.
It's shame ful that so many corpo ratio ns make big profi ts and pay nothi ng to suppo rt our count ry," said Sen. Byron L. Dorga n of North Dakot a, who asked for the GAO study with fello w Democ ratic Sen. Carl Levin of Michi gan.
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If you think about it, this is crazy! What if we made all U.S. and "Foreign" (Cayman Islands) Corporations pay their constitutionally mandated Federal Income Taxes...and ended Federal Income Tax for individuals? There would be more money in the Treasury than ever. Too bad we continue to get ripped off and continue to do nothing about it.