The Government Accountability Office is set to release a report that says most U.S. corporations pay no federal income taxes. And most foreign companies that do business in the United States aren't paying corporate taxes. The study says about two-thirds of American corporations paid zero income taxes to Uncle Sam between 1998 and 2005.An even higher percentage of foreign corporations avoided federal corporate taxes. At the same time, said the GAO, the firms had trillions of dollars in sales. The study was requested by Democratic Sens. Carl Levin of Michigan and Byron Dorgan of North Dakota."It's shameful that so many corporations make big profits and pay nothing to support our country," Dorgan said. |
Meanwhile, John McCain argues we should cut the corporate tax rate by 10%. Since the current corporate tax is pretty much theoretical, that'd be a decrease for most from 0% to what, John?
