The Government Accountability Office (GAO) released a new report today showing that an average of two-thirds of companies operating in the United States paid no federal corporate income tax from 1998 - 2005. That's right, I said none. Zip. Zero. Nada.
According to an April report issued by the liberal Economic Policy Institute (EPI), in the 1950s corporate taxes represented one quarter of all federal revenue. Since 2000, this figure has fallen to about one tenth. The resulting shortfall has largely been made up through payroll taxes on US workers, according to the EPI.
And in case you thought this report was requested to investigate corporate tax evasion, think again.
Democratic Senators Carl Levin of Michigan and Byron Dorgan of North Dakota had made the request for the GAO study. The purported impetus behind the request was the senators’ suspicion that “foreign” corporations were benefiting unequally from the US tax code, paying substantially less than their US-based competitors through the use of transfer pricing.[...]
Responding to the report, Levin and Dorgan condemned corporations for avoiding taxes. Levin claimed that the report “makes clear that too many corporations are using tax trickery to send their profits overseas and avoid paying their fair share in the United States.”
Yeah, like they’re just now finding that out.
....but hey, do what you want....you will anyway.
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