Corporations escape taxes
Published April 4, 2004
WASHINGTON, D.C. -- Most American and foreign corporations operating in the
United States paid no income tax between 1996 and 2000, government auditors
said Friday.
The General Accounting Office, using Internal Revenue Service data, found
that 71 percent of foreign corporations paid no federal income tax. During
the same time, 61 percent of U.S. corporations paid no income tax.
Among the largest corporations, American businesses were more likely to
avoid taxation than foreign businesses.
GAO investigators, who work for Congress, also looked at companies that paid
less than 5 percent of their total income in taxes. They conducted their
study at the request of two Democratic senators.
In 2000, the most recent year for which data was available, an estimated 94
percent of U.S. corporations and 89 percent of foreign corporations paid
less than 5 percent of their total incomes in taxes.
http://www.chicagotribune.com/news/nationworld/chi-0404040417apr04,1,2117793.story?coll=chi-newsnationworld-hed
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Bush's $10 Trillion Borrowing Binge
New projections from the Congressional Budget Office indicate that
continuation of President Bush's budget policies will triple the national
debt by the end of fiscal 2013. Left unchecked, Bush's reckless approach to
fiscal policy will saddle our children with an additional $10 trillion in
debt just ten years from now.
http://www.ctj.org/pdf/binge03.pdf
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