Want another reason to be angry at corporate America?
A new report from Congress says 2/3rds of US Corporations DID NOT pay any federal income taxes from 1998 to 2005.
This was a study done by the Government Accountability Office (GAO) that was released today. The study also goes one to say that 2/3rds of foreign companies doing business in the US also avoided paying corporate income taxes.
When it’s all said and done, companies reported trillions of dollars in sales, without paying any income taxes.
The GAO analysis of IRS data did not go into why shortcoming this happened, but it did note that some companies avoided paying federal taxes because of operating losses or tax credits.
If it was you and me, we’d have bars, three hots and a cot for 5 years!