Tuesday, August 12, 2008

Only death is certain: not taxes for corporations!

I wonder what Obama and McCain will have to say about this GAO report that most corporations do not pay income taxes. I suppose taxes are only for the working stiffs :-(

From CQ Politics: Most corporations, including the vast majority of foreign companies doing business in the United States, pay no income taxes, according to a Government Accountability Office report released Tuesday.
During the eight-year period covered by the report, 72 percent of foreign-owned corporations went at least one year without owing taxes, and the same was true for 55 percent of domestic corporations.
Small companies were much more likely to pay no taxes than larger companies. Still, more than 3,500 large domestic corporations — with more than $250 million in assets or $50 million in gross receipts — did not pay taxes in 2005. ...

... The country’s 35 percent top rate on corporate income is among the highest in the industrialized world

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