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Drew Dowdell

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Study says most corporations pay no U.S. income taxes


Cry me a freakin river when you say that business taxes are too high.

The GOP is traditionally claimed that taxes are too high on corporations, that to generate jobs taxes on corporations should be lowered. McCain bleats this regularly. The GAO says that most corporations do not pay any income taxes. What is lower than zero?

Money Quotes:

The Government Accountability Office said 72 percent of all foreign corporations and about 57 percent of U.S. companies doing business in the United States paid no federal income taxes for at least one year between 1998 and 2005.
More than half of foreign companies and about 42 percent of U.S. companies paid no U.S. income taxes for two or more years in that period, the report said.


The study showed about 28 percent of large foreign corporations, those with more than $250 million in assets, doing business in the United States paid no federal income taxes in 2005 despite $372 billion in gross receipts, the senators said. About 25 percent of the largest U.S. companies paid no federal income taxes in 2005 despite $1.1 trillion in gross sales that year, they said.


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