Corporations Not Paying Income Tax ........

Study Tallies Corporations Not Paying Income Tax

Two out of every three United States corporations paid no federal income taxes from 1998 through 2005, according to a report released Tuesday by the Government Accountability Office, the investigative arm of Congress.

The study, which is likely to add to a growing debate among politicians and policy experts over the contribution of businesses to Treasury coffers, did not identify the corporations or analyze why they had paid no taxes. It also did not say whether they had been operating properly within the tax code or illegally evading it.

The study covers 1.3 million corporations of all sizes, most of them small, with a collective $2.5 trillion in sales. It includes foreign corporations that do business in the United States.

http://www.nytimes.com/2008/08/13/business/13tax.html?_r=1&em&oref=slogin

How is this possible?

On the other hand, the IRS might be busy getting after the workers who claimed too much on that car they donated.

"The Government Accountability Office, the investigative arm of Congress."
It should be on the front page of every newspaper, but not a whisper.
I got the clipping from a Canadian paper. Must not be news to somebody.

3 Republican presidents and one 50% repuke Dem president/Former head of the DLC?

Just a guess.

Oh, and this situation has to change now. With the bills that corporatists have run up and stuck us with, it's time for corporations to start paying their fair share.

Once these gimmicks are inserted into the tax code, they can then dodge taxes without getting into trouble with the IRS.

People who rob a bank will twenty years, people who make the laws to rob the tax payers will get 20 million in a golden parachute. Criminals in Brooks Bros. suits, no difference otherwise.

2.5 trillion in sales is different than 2.5 trillion in profits.

Two out of every three United States corporations are not making a profit?
That sounds odd to me.

When the list includes every corporation, from bankrupt ones to small LLCs, I wouldn't be surprised that the majority wouldn't be making profits.

Most big corporations that are traded on the stock exchanges do pay taxes when they make a profit. They publish their financial statements to the public with the tax information included.

The first sentence allows a misreading.

Here it is, fixed to prevent the misreading:

"Two out of every three United States corporations paid no federal income taxes (for at least one year) from 1998 through 2005, according to a report released Tuesday by the Government Accountability Office, the investigative arm of Congress."

Since most corporations are small, and most new corporations fail within a year or two, it's not unreasonable.