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"The Government Accountability Office said 72 percent of all foreign corporations and about 57 percent of U.S. companies doing business in the United States paid no federal income taxes for at least one year between 1998 and 2005.
More than half of foreign companies and about 42 percent of U.S. companies paid no U.S. income taxes for two or more years in that period, the report said.
During that time corporate sales in the United States totaled $2.5 trillion, according to Democratic Sens. Carl Levin of Michigan and Byron Dorgan of North Dakota, who requested the GAO study. The report did not name any companies. The GAO said corporations escaped paying federal income taxes for a variety of reasons including operating losses, tax credits andan ability to use transactions within the company to shift income to low tax countries."
But I thought government regulations and taxes were driving companies OUT of the country.
What, don't you BELIEVE their crying? Waa waaa!!!
"Fedex President and CEO Fred Smith told CNBC Monday that US corporate tax rates need to be reduced in order to promote job growth.
“We have among the highest corporate tax rates in the world. We punish capital investment, and we simply have to turn that around if we want to produce the kind of jobs that everyone is looking for,” said Smith."
It might have something to do with old Fred's $53.22 mil 5 year compensation package and the fact that posted $380 million in first quarter profits, an 18.1 percent increase. That might have something to do with it.
PS - You might want to give this article a read since it amplifies my earlier point that for some unknown reason, those foreign own companies don't seem to find our tax rate or regulations all that onerous(sic) since they seem to continue to grow their businesses in this toxic(sic) business environment.
It might have something to do with old Fred's $53.22 mil 5 year compensation package and the fact that posted $380 million in first quarter profits, an 18.1 percent increase. That might have something to do with it.
PS - You might want to give this article a read since it amplifies my earlier point that for some unknown reason, those foreign own companies don't seem to find our tax rate or regulations all that onerous(sic) since they seem to continue to grow their businesses in this toxic(sic) business environment.
Fred is working cheap - I don't see how he can survive on a measley $53 million. Hell, the CEO of United Healthcare gave himself a BILLION dollar bonus a few years ago - THATS how you do it!
Of course free-market fascists believe the U.S. is not doing enough to provide "incentives" and "subsidies" for businesses to keep jobs here...
In other words, corporate "welfare" and hand-outs...
Their hypocrisy and idiocy can be amusing (and infuriating) at times...
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