Tuesday, August 12, 2008

Corporations Avoided All Federal Income Taxes 98- 05

WASHINGTON - Unlike the rest of us, most U.S. corporations and foreign companies doing business in the United States pay no federal income tax, according to a new report from Congress.

The study by the Government Accountability Office, expected to be released today, said two-thirds of U.S. corporations paid no federal income taxes between 1998 and 2005, and about 68 percent of foreign companies doing business in the U.S. avoided corporate taxes over that period.

Collectively, the companies reported trillions of dollars in sales, according to GAO's estimate.

"It's shameful that so many corporations make big profits and pay nothing to support our country," said Sen. Byron L. Dorgan of North Dakota, who asked for the GAO study with fellow Democratic Sen. Carl Levin of Michigan.

Continue article here.

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.

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