GAO: Trillions In Sales Untaxed For Years

POSTED: 5:19 am EDT August 12, 2008
UPDATED: 7:34 am EDT August 12, 2008

WASHINGTON -- 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.

The report doesn't name names, and the congressional agency didn't investigate why corporations aren't paying corporate or income taxes. But the GAO said it could be because of operating losses and tax credits.

Two thirds of corporations are probably S-corps owned by one guy to run his heating and cooling operation out of the back of his truck. Legitimate full-fledged white people (that's not you) don't equate "corporation" with "big faceless evil exploiter." The vast majority of corporations don't even have public stock. Before they had the LLC, you either were a sole proprietor (an idiot) or you formed a corporation to do business. And those corporations don't have any income to do income tax on. All the income ends up as payroll for the guy that owns it. My company (an LLC) doesn't have any income either. But it's not structured to.

The communjist who wrote this article is trying to help the cause of the glorious people's revolution by deliberately conflating foreign corporations with these small rank-and-file S-Corps in the article so as to confuse you if you don't already have a full understanding of what they are talking about, and inflame your hormonal passions about corporations not paying "their fair share" or whatever it is you mongoloids go on about. Whatever. Carl Levin is a fucking communist and I hope he dies of ass cancer..

S Corps and LLCs are taxed under partnership rules, meaning any income they receive is, for the most part, automatically allocated among the shareholders/members in accordance with their percentage of ownership. Those shareholders/members then pay taxes on that income according to their tax brackets.

Jesus H. Christ, Hoe, you are a roaring moron. By killing yourself, you will help to "support our country," as the blue dog assclown bYron dOrgan would say. So kill yourself, patriot!