Reply #17: Most companies paid no taxes during the boom [View All]

[EVDebs]

http://moneycentral.msn.com/content/Taxes/P80242.asp

""...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 wasn’t 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""

And remember Warren Buffett's quote from commondreams.org's
Warren Buffett Urges Higher Corporate Taxes
www.commondreams.org/headlines04/0306-01.htm

""Corporate income taxes in fiscal 2003 accounted for 7.4% of all federal tax receipts, down from a post-war peak of 32% in 1952. With one exception (1983), last year’s percentage is the lowest recorded since data was first published in 1934. Even so, tax breaks for corporations (and their investors, particularly large ones) were a major part of the Administration’s 2002 and 2003 initiatives. If class warfare is being waged in America, my class is clearly winning.""

Winning, by a mile it seems !