[lit-ideas] corporate welfare excerpt
- From: Scribe1865@xxxxxxx
- To: lit-ideas@xxxxxxxxxxxxx
- Date: Tue, 6 Apr 2004 10:32:58 EDT
Over 60 Percent of Corporations Didn't Pay Taxes
Large Firms Dodged Federal Taxes From 1996-2000 As Profits Soared
By JOHN D. MCKINNON, Wall Street Journal
WASHINGTON - More than 60% of U.S. corporations didn't pay any federal taxes
for 1996 through 2000, years when the economy boomed and corporate profits
soared, the investigative arm of Congress reported.
The disclosures from the General Accounting Office are certain to fuel the
debate over corporate tax payments in the presidential campaign. Corporate tax
receipts have shrunk markedly as a share of overall federal revenue in recent
years, and were particularly depressed when the economy soured. By 2003, they
had fallen to just 7.4% of overall federal receipts, the lowest rate since
1983, and the second-lowest rate since 1934, federal budget officials say.
The GAO analysis of Internal Revenue Service data comes as tax avoidance by
both U.S. and foreign companies also is drawing increased scrutiny from the IRS
and Congress. But more so than similar previous reports, the analysis
suggests that dodging taxes, both legally and otherwise, has become deeply
rooted in
U.S. corporate culture. The analysis found that even more foreign-owned
companies doing business in the U.S. -- about 70% of them -- reported that they
didn't owe any U.S. federal taxes during the late 1990s.
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