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GAO Study: Most US Corporations Avoid Income Tax

...which is precisely why John McCain's plan to give them more tax breaks is exactly what our ailing economy needs, right? Reuters: Most U.S. and f

...which is precisely why John McCain's plan to give them more tax breaks is exactly what our ailing economy needs, right?

Reuters:

Most U.S. and foreign corporations doing business in the United States avoid paying any federal income taxes, despite trillions of dollars worth of sales, a government study released on Tuesday said.

The Government Accountability Office said 72 percent of all foreign corporations and about 57 percent of U.S. companies doing business in the United States paid no federal income taxes for at least one year between 1998 and 2005.

[...] During that time corporate sales in the United States totaled $2.5 trillion, according to Democratic Sens. Carl Levin of Michigan and Byron Dorgan of North Dakota, who requested the GAO study.

Unfortunately the report failed to name names. Hopefully some intrepid reporters will get to the bottom of it. I wonder where the oil companies stand in this whole mess. I can't imagine it being good for John McCain's case if, say, ExxonMobil was getting huge government subsidies while also avoiding paying income taxes.

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