Aug 12, 2008
Millions of U.S. corporations do not pay federal taxes
I know this is a local blog on Michigan and the media, but this national story really caught my attention.
According to a study by the Government Accountability Office (GAO), two-thirds of U.S. corporations paid no federal income taxes between 1998 and 2005, and 68 percent of foreign companies doing business in the U.S. avoided corporate taxes over the same period.
I want to hear the take on this from right-wingers who regularly take shots at me here.
Our own Sen. Carl Levin, along with Sen. Byron Dorgan, D-N.D., asked for the GAO study that found corporations did not pay taxes on trillions of dollars in sales. More than 38,000 foreign corporations had no tax liability in 2005 and 1.2 million U.S. companies paid no income tax. It’s sad that corporations are making huge profits and pay nothing to support this country.