Please pay your taxes

http://money.cnn.com/2008/08/12/news/economy/corporate_taxes/index.htm?cnn=yes

Quote :

"Nearly two-thirds of U.S. companies and 68% of foreign corporations do not pay federal income taxes, according to a congressional report released Tuesday. The Government Accountability Office (GAO) examined samples of corporate tax returns filed between 1998 and 2005. In that time period, an annual average of 1.3 million U.S. companies and 39,000 foreign companies doing business in the United States paid no income taxes - despite having a combined $2.5 trillion in revenue. The study showed that 28% of foreign companies and 25% of U.S. corporations with more than $250 million in assets or $50 million in sales paid no federal income taxes in 2005. Those companies totaled a combined $372 billion in sales for the largest foreign companies and $1.1 trillion in revenue for the biggest U.S. companies."

This is absolutely ridiculous. Perhaps if even half of these corporations paid their taxes our current deficit would be much reduced. Even better perhaps both McCain and Obama can have their wish, not raising taxes for the rich and providing tax relief for the middle and lower classes.

Is there not supposed to be auditors to keep shit like this from happening

8/12/2008 11:04:07 PM

the article goes on to say that our taxes are higher for corporations in the US than almost anywhere in the country. and also recommends that perhaps we should lower their taxes from 35% to 30%.

i think that'd be a good idea, a show of good faith on the government's part that their not trying to screw them....

8/12/2008 11:12:30 PM

What, can't you read your own article?

Quote :

"But many of the companies the report found had paid no tax were likely small businesses that pay other taxes. Generally, many small firms, because they do not have shareholders, are able to shift corporate income to individual income."

That, plus revenue is irrelevant because the 35% tax is levied only on profits and if a business is losing money, or at least their tax lawyers are able to make it seem as if they are, then their tax liability will be zero.

8/12/2008 11:28:13 PM

^^ maybe that would be viable if everyone paid their taxes. Otherwise the gov't is just shooting themselves in teh foot if the same folks are going to avoid taxes.

8/12/2008 11:39:12 PM