And here's why the cuts to Social Security, etc., are still on the table for Obama and democrats in congress:
$181 Billion in corporate tax evasion in 2011.
It's also why public approval rating of congress approaches ZERO percent.
The estimated corporate tax revenue lost because of breaks from deductions, credits and other provisions amounted to more than $181 billion in 2011, according to a study from the U.S. Government Accountability Office.
The number of tax breaks companies use has increased since 1986, while the revenue loss has jumped over the past few decades, the study noted. Even as recently as 2010, that figure was just $116 billion, Reuters notes. After that, Congress extended corporate tax write-offs.
Some lawmakers are calling for reforms on how corporations can sidestep taxes, but reform efforts are far from straightforward, as my colleague Jon Berr recently reported.
"Today, many Americans are paying their federal income taxes to contribute their fair share to the cost of our national security and of vital public services, but much of corporate America is still not doing the same," said Representative Lloyd Doggett, a Texas Democrat who requested the report, in a statement.
????
Why is this acceptable? Again, our nation has become an absurd farce of the worst
kind. Congress is presiding over it all, pretending it's OK, pretending it can go on forever.
We'll see about that.
Other than Sen. Bernie Sanders, who in Congress is talking about this travesty?
http://money.msn.com/...