August 13, 2008
America’s crushing corporate tax burden
In case you missed it yesterday, the General Accounting Office reported its latest findings on federal taxes paid by American corporations. This is from a Washington Post article:
About two-thirds of corporations operating in the United States did not pay taxes annually from 1998 to 2005, according to a new report scheduled to be made public today from the U.S. Government Accountability Office.
In 2005, after collectively making $2.5 trillion in sales, corporations gave a variety of reasons on their tax returns to account for the absence of taxable revenue. The most frequently listed included the cost of producing their goods, salary expenses and interest payments on their debt, the report said.
Got that? That terrible and bloated U.S. government that is supposedly sucking the life out of America's heroic entrepreneurial class only managed to collect income taxes from about one out of three businesses.
But, never fear, when President McCain gets in office, he'll make sure to cut the corporate tax rate.
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[...] America’s crushing corporate tax burdenIn case you missed it yesterday, the General Accounting Office reported its latest findings on federal taxes paid by American corporations. This is from a Washington Post article: About two-thirds of corporations operating in the United … [...]