1sunfight’s Weblog

August 12, 2008

Companies Avoiding Federal Taxes

Filed under: Daily Observations,Economics,McCain,Obama,politics,Uncategorized — Julie P @ 11:08 pm

It is always good to know who is paying corporate taxes and who is not. According to a new report from Congress nearly two thirds of US corporations did not pay federal income taxes between 1998 and 2005. In a report by the GOA (Government Office of Accounting) 68 percent of foreign corporations did not pay federal income taxes, yet all report making trillions in sales. No explanation was identified as to why this has happened, yet it has.

Corporations and pro business politicians cry all of the time that this group pays more taxes and that our tax codes are driving businesses out of the country and costing jobs. How can this be with proof like this? It seems corporations are doing quite well without having to pay taxes, clearly there are loopholes for them to use so they do not have to pay federal taxes while Americans, middle class mostly, pay the lion’s share of taxes.

I find it absurd that this is taking place, and even more absurd to listen to politicians in an election bemoan our tax rates, especially those for corporations. McCain cries all of the time about it, and blasts Obama for his approach to corporate taxes. It seems that McCain is delusional and cannot comprehend reports coming out of Congress and the GOA that two out of three corporations are not paying federal taxes. Wake up and smell the coffee, McCain. Corporations are not paying their fair share and it is long overdue that they start paying and relieve the American taxpayer of their burden in taxes. This regressive tax scale needs to end and corporations need to start paying their fair share of taxes.

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