Monday, 13 October 2008
Tax dodgers Print E-mail
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A Government Accountability Office (GAO) report out this month reported that during its latest 8-year report a vast majority (72 percent) of foreign-owned companies doing business in America and 55 percent of domestic companies went at least one year without paying any income taxes.

As an example, it reported that 3,500 large domestic corporations (with more than $250 million in assets) did not pay taxes in 2005. It reported that 80 percent of these companies pay no taxes because they didn't make any "profits."Ôø1/2 This is because of the loopholes in our tax codes that allow companies to evade or reduce their tax liabilities. It is called legalized theft from the hard working taxpayers of America by some of the richest corporations.

However, many lawmakers, including John McCain, as he stated in the debate last week, have expressed an intention to lower the corporate tax rates as a way to stimulate the economy. Go figure. While we are restoring the oversight and fiscal regulations for Wall Street that McCain and his party have stripped bare over time, maybe we ought to also insist that the revamping of our tax codes include eliminating those corporate loopholes.

While we are at it, let's also tackle campaign finance, lobby reform and maybe throw in congressional term limits too.


•Scott Berryessa,


Lindon

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petersenrj Oct 13 2008 19:46:21
This thread discusses the Content article: Tax dodgers

Seems to me the Dems have been in power almost 2 years. The president cannot change regulations. Mr. CLinton started it all and Barney Frank chairman of the finance committee said all was well a few weeks before the meltdown. Chris Dodd got the highest amount of money from Fanny Mae and Obama the second highest over $100,000. I truly hope that this is investigated thouroughly, but doubt it will since a Dem congress controls this. I would suggest putting this all in Bush's lap is untrue. In the meantime we have the second highest corporate taxes in the world. How does that help to keep factories here? How does that help the poor, who want jobs? Who ever heard that a tax hike helped an economy?
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The Keeper Oct 13 2008 20:11:29
petersenrj wrote:
This thread discusses the Content article: Tax dodgers

Seems to me the Dems have been in power almost 2 years. The president cannot change regulations. Mr. CLinton started it all and Barney Frank chairman of the finance committee said all was well a few weeks before the meltdown. Chris Dodd got the highest amount of money from Fanny Mae and Obama the second highest over $100,000. I truly hope that this is investigated thouroughly, but doubt it will since a Dem congress controls this. I would suggest putting this all in Bush's lap is untrue. In the meantime we have the second highest corporate taxes in the world. How does that help to keep factories here? How does that help the poor, who want jobs? Who ever heard that a tax hike helped an economy?

Good luck trying to convince Obama's socialist Comrades! They stick their fingers in their ears, click their ruby "Red" heels together and chant, "There's no place like the DNC".
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