Most Companies In US Avoid Federal Income Taxes

Economy Government The Government Accountability Office is set to release a report that says most U.S. corporations pay no federal income taxes.

by The Associated Press

Published: Tue, August 12, 2008 - 9:21 am CST Last Updated: Tue, August 12, 2008 - 9:24 am CST

WASHINGTON (AP) - The Government Accountability Office is set to
release a report that says most U.S. corporations pay no federal
income taxes.
And most foreign companies that do business in the U.S. aren't
paying corporate taxes.
The study says about two-thirds of American corporations paid
zero income taxes to Uncle Sam between 1998 and 2005. An even
higher percentage of foreign corporations avoided federal corporate
taxes. At the same time, says the GAO, the firms had trillions of
dollars in sales.
The study was requested by Democratic Senators Carl Levin of
Michigan and Byron Dorgan of North Dakota. Dorgan says, quote,
"It's shameful that so many corporations make big profits and pay
nothing to support our country."
The report doesn't name names and the congressional agency
didn't investigate why corporations aren't paying corporate or
income taxes. But the GAO says it could be because of operating
losses and tax credits.

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RNuts Says:

Tue, Aug 12, 2008 at 10:11 am

Did you ever notice you do not see any U.S. flagged ships any more. Even the cruise Lines official Headquarters are not in the U.S. Just their largest office buildings located in South Florida.