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  •  BWA HA HA HA HA !!!!!!!!!!!!!!!!!!!!!!!!!! (1+ / 0-)
    Recommended by:
    cameoanne

    The people who avoid paying taxes are mostly poor.

    Try this on for size:

    http://moneycentral.msn.com/...

    Most companies paid no taxes during the boom

    With corporate tax receipts at 20-year low, the GAO takes a look through the books and finds 94% of all U.S. companies paid less than 5% -- and 61% paid nothing at all.

    By MSN Money staff and news services

    Think about this as you sign that check to Uncle Sam next week: More than 60% of all U.S. companies paid no federal tax at all during the boom years of 1996 to 2000, the General Accounting Office reports.

    In 2000 alone, 94% of all U.S. corporations paid less than 5% of their total income in corporate taxes, the GAO said in a report released Friday. Among the largest corporations -- the 1% of all corporations that owns 93% of all corporate assets -- 82% paid less than 5% of their income in taxes.

    And it wasnt just American companies avoiding a bill. About 70% of foreign-owned companies doing business in the United States paid no federal tax in the late 1990s, the GAO said. The GAO report covered 2.1 million returns by U.S. companies and 69,000 foreign-owned companies.

    The federal corporate tax rate is 35%, but tax credits and loopholes can dramatically shrink the tax bill. Companies may not report U.S. income tax because of current-year operating losses, losses carried forward from preceding tax years, tax credits and improper pricing of intercompany transactions.

    They're big on refunds, though
    Corporations are also footing less of the total tax bill. In 2003, corporate taxes were 7.4% of overall receipts, the lowest level since 1983, IRS data show. Individual taxpayers forked up 45%, with the rest coming from employment and excise taxes.

    Despite that, more than 21% of the $302 billion in tax refunds distributed last year went to corporations, IRS data show.

    •  I think the original reference was to people (0+ / 0-)

      Corporate income tax is horrible broken because it has become a Christmas tree of special interest giveaways.

      Of course, everyone insists that the tax breaks they support are essential public policy.  For example, look at all the people on this site who support tax breaks for companies investing in renewable energy.

      But when you add it all up... well, you've detailed the results.

      •  No. People including all humans taxes (0+ / 0-)

        I was asking to look into all humans, who avoid paying taxes.  These humans to include big fat super wealthy owners of companies.

        "Hey, with religion you can't get just a little pregnant"

        by EarTo44 on Wed Dec 29, 2010 at 06:18:09 AM PST

        [ Parent ]

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