GAO: Two-thirds of U.S. corportions pay no federal taxes!
This news is shocking:
...The study by the Government Accountability Office, expected to be released today, said two-thirds of U.S. corporations paid no federal income taxes from 1998 to 2005 and about 68% of foreign companies doing business in the United States avoided corporate taxes over the same period.
Collectively, the companies reported trillions of dollars in sales, according to the GAO's estimate.
"It's shameful that so many corporations make big profits and pay nothing to support our country," said Sen. Byron Dorgan, D-N.D., who asked for the GAO study with Sen. Carl Levin, D-Mich.
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