Most companies in U.S. avoid federal income taxes

Most companies in U.S. avoid federal income taxes
By JENNIFER C. KERR Associated Press
Aug. 12, 2008, 5:53AM
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Print Email Del.icio.usDiggTechnoratiYahoo! BuzzWASHINGTON — Two-thirds of U.S. corporations paid no federal income taxes between 1998 and 2005, according to a new report from Congress.

The study by the Government Accountability Office, expected to be released today, said about 68 percent of foreign companies doing business in the U.S. avoided corporate taxes over the same period.

Collectively, the companies reported trillions of dollars in sales, according to GAO's estimate.

"It's shameful that so many corporations make big profits and pay nothing to support our country," said Sen. Byron Dorgan, D-N.D., who asked for the GAO study with Sen. Carl Levin, D-Mich.
http://www.chron.com/disp/story.mpl/headline/nation/5938162.html

The joke's on us.

How can we expect these companies to continue doing business in the US if they don't clear more than just avoiding paying taxes on those trillions of dollars in sales?

McCain sees the problem.... and is hard at work, working hard, er.... to see that the companies don't suffer a hit to their bottom line if the Middle Class implodes.

IT is shameful that so many people are jealous of these companies receiving so many taxpayer financed benefits to eke out their profits just because we have workers putting in more than 40 hrs a week for inadequate wages and many homeless and those who cannot feed their families.

I only hope the bigwigs at the top of these companies will be able to secure their 'golden parachutes'.