You gotta hand it to the Boston Globe.
This article was totally different when I went to bed last night.
Now it turns out corporations paid there taxes.
I'm tired of the deceptive headlines and outright lying, America, how about you?
"GAO finds 75% of top US firms paid some taxes; But 67% of all 1.3m companies dodged the bullet" by Bloomberg News | August 13, 2008
WASHINGTON - The percentage of large US companies paying at least some federal tax grew to 75 percent in 2005, the highest rate in seven years, according to a congressional study.
It was the highest level of tax payments by large companies since 1998, when 78 percent paid at least some tax, the Government Accountability Office said. The rate in 2005, when corporate profits were surging, compares with 62 percent in 2001, when the country was in recession, the report said.
The data show tax payments by large corporations closely track their profits, said Chris Edwards, director of tax policy for the Cato Institute, a libertarian research organization in Washington.
"The trend line is basically stable," Edwards said.
It is incredible isn't it?
The SPIN the fucking CORPORATE PRESS puts on things.
Yup, CORPORATE is paying THEIR SHARE!!!
The report found that two-thirds of all 1.3 million US corporations avoided paying taxes between 1989 and 2005, the latest year for which data was available. Edwards said it was important to focus on the performance of the largest 3,565 US companies because they control 90 percent of corporate assets. The GAO defined a "large company" as one with either $250 million in assets or $50 million in annual sales.
"I don't find anything strange in the data," Edwards said.
North Dakota Senator Byron Dorgan, a Democrat who requested the report, said the study is evidence that companies are using "trickery" to dodge their obligations.
"It's shameful that so many corporations make big profits and pay nothing to support our country," Dorgan said. "We need to plug these tax loopholes and put these corporations back on the tax rolls. It's time for the big corporations to pay their fair share."
And SUPPORT the TROOPS, right?
You aren't just eating shit, AmeriKA, you are WALLOWING IN IT!!!!
The corporate tax burden has become a political issue in this election year. The 35 percent top US tax rate is second in the developed world behind Japan when compared with the statutory rates of other countries. As a percent of the economy, US companies pay less tax than those in other developed countries.
And yet, they are ALWAYS COMPLAINING!!!!
So WHY the MOVES THEN? CHEAPER LABOR ABROAD, huh?
Republican presidential candidate John McCain, an Arizona senator, has proposed reducing the corporate tax rate to 25 percent. Democrats in Congress, including House Ways and Means Committee chairman Charles Rangel of New York, also have proposed reducing the top rate while also eliminating legal techniques used to lower the amount of tax companies actually pay.
PFFFFTTT!
Companies use losses, improper intercompany pricing arrangements, and accrued tax credits to reduce or eliminate their tax bills, the GAO said in the study. Overall, the report found no statistically significant difference between the tax liabilities of US-owned companies and subsidiaries of foreign-based companies.
Translation: ALL COMPANIES are using the tax code to FUCK AMERICAN TAXPAYERS!!!
Hey, EVERYBODY LOOTS EVERYBODY and NOBODY is HAPPY!
Except CORPORATE!
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