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Originally Posted by WGJ
of an extremely accurate article on the Tax, this will save you the time it would take to read and analyze all the GAO reports:
The Corporate Tax Dodge
by Cassandra Q. Butts
April 10, 2004
The news that more than 60 percent of U.S. corporations failed to pay
any federal taxes from 1996 through 2000 when corporate profits were
soaring and that corporate tax receipts had fallen to just 7.4 percent of overall federal tax revenue in 2003 – the lowest since 1983 and the
second-lowest rate since 1934 – is an outrage. But it should come as no surprise to anyone who has been paying attention to national tax policy over the past few years. The General Accounting Office (GAO) report also found that an astonishing 94 percent of corporations reported tax liability of less
than 5 percent of their total income during the same time period. Corporate
tax dodging has gone on for far too long. But the policies of the Bush
administration have exacerbated the problem by furthering the culture
of tax avoidance by big corporations and creating a pervasive unfairness in
our tax code.
WGJ
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In the first place---weren't 1996-2000 Clinton years??
Do some research and see how many corporations fold the first two years of their existence and NEVER make any profits or pay taxes, of course.
Does the 94 percent encompass all corporations INCLUDING the ones that fold or is it only the ongoing profitable corporations. It can be meaningless unless we know what the 94 percent represents.
7.4 percent of total tax revenue by 2003---give us the actual percentages by all years so we can truly see if this is a significant figure.
Tax liabilities of less than 5 percent of revenues? Is this surprising? The IRS can audit them at any time to determine validity of the taxes---it does not necessarily mean that they are not paying all taxes due
Remember that IRS is a huge agency that is NOT controlled by the President.
In my opinion it should be abolished and a consumption tax instituted.
For a current example---are you aware that with the "HUGE PROFITS" currently reported by Exxon that it is only 10 percent of total revenues. Not a huge profit margin--would you agree?
Just what is the proof of the writers "huge tax avoidance" statement other than her own opinion.
Get real WGJ----HOW IN THE HELL IS THIS "AN EXTREMELY ACCURATE" tax report. I agree that the figures might be very accurate, but the result and cause and effect are total speculation and based on opinion--not fact.
Lee