December 1, 2008
Monday
     

Don’t Let Corporations off the Tax Hook

Date: 08-25-2008
Type: opinion
Categories: Corporate Governance / Finance
Source: Progressive.org

Taxpayers shouldn’t have to subsidize corporate tax dodgers or bloated CEO salaries.

A recent Government Accountability Office study found that two-thirds of U.S. corporations paid no federal income taxes between 1998 and 2005. These same companies reported trillions of dollars in earnings.

What’s the hustle? A U.S. corporation pretends to make all of its profits at a subsidiary based in a place like the Grand Cayman Islands that has no corporate income tax. Meanwhile, the U.S. branch of the company reports only losses. No U.S. profits, no taxes.

Read more about corporate taxes here.  

Organization:
Progressive.org
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