Sunday, July 07, 2013
Tax Dodging Corporations Are Costing Our Country Billions
A study by the Office of Management and Budget found that loopholes and international tax havens have reduced corporate taxes from the $370 billion collected in 2007, to nearly half that - $190 billion, by 2010. And, according to a new report from the Government Accountability Office, corporate tax dodgers paid just 12.6 percent of their profits in income tax in 2010. That's only about one third of the 35 percent tax rate that Republicans are always complaining about. So, while our infrastructure crumbles and Americans are feeling the pain of austerity, corporations are avoiding paying their fair share of our nation's financial burdens. CEO's claim that the US tax rate doesn't offer a fair picture, as they are also subject to taxes locally, and around the world. However, the GAO report found that even when state, local, and foreign taxes were factored in, corporations are still only paying about 17 percent. Democratic Senator Carl Levin reviewed the report and said, "Some U.S. multinational corporations like to complain about the U.S. 35 percent statutory tax rate, but what they don't like to admit is that hardly any of them pay anything close to it."
at 7/07/2013 08:00:00 AM