from'98 to '05, roughly 2/3 of all corporations operating in the U.S. paid no taxes.

[dixiegrrrrl]

True story, reported by Matt Taibbi in rolling Stone.

Thanks to our completely fucked corporate tax system, companies like Goldman can ship their revenues offshore and defer taxes on those revenues indefinitely, even while they claim deductions upfront on that same untaxed income. This is why any corporation with an at least occasionally sober accountant can usually find a way to zero out its taxes. A GAO report, in fact, found that between 1998 and 2005, roughly twothirds of all corporations operating in the U.S. paid no taxes at all.

This should be a pitchforklevel outrage — but somehow, when Goldman released its post-bailout tax profile, hardly anyone said a word. One of the few to remark on the obscenity was Rep. Lloyd Doggett, a Democrat from Texas who serves on the House Ways and Means Committee. "With the right hand out begging for bailout money," he said, "the left is hiding it offshore."

http://www.rollingstone.com/politics/story/29127316/the_great_american_bubble_machine/1

[PDJane]

1. it's especially egregious

since the US military has been protecting the interests of US corporations around the world from the beginning of this enterprise.

[dixiegrrrrl]

2. Good point

[OHdem10]

3. This is the pattern in GOP administrations. Even Enron had not

paid taxes when they went into meltdown.

This should have been the first red flag that American Businesses
were in trouble.

[alittlelark]

4. KnR for exposing the LOOTING of our country.

:cry: :grr: :grr: :grr:

[marketcrazy1]

5. YUP

K/R

[YoungAndOutraged]

6. I'd love to hear an objectivist defend this.

Actually, I wouldn't. It wouldn't be good for my blood pressure.

The people who actually do work, and who actually need money, are called leeches and parasites if they so much as ask for the time of day. Meanwhile, corporations leech off of everyone, and not only do they not get called parasites, they get rewarded for it. Sad.

[angryfirelord]

7. I guess I'll be somewhat objective

Not in sense that these corporations should be let free, but the problem lies in that the tax code is too damn complex. Whenever we try to close one loophole, we end up creating 3 more because those that write the tax code are the ones that create the problems in the first place. However, the alternatives such as a flat tax or the FairTax have problems of their own.

[Hannah Bell]

11. The corps are the ones who lobbied for most of the complexity. They benefit from it,

because they understand it.

It's smaller businesses (whom they have an interest in keeping small) who lose.

[JohnWxy]

8. recommended. (see link for more "Most Corporations Pay no income taxes")

http://journals.democraticunderground.com/JohnWxy/45

[intheflow]

9. This is just another reason why I'll never be a Bill Clinton fan.

He was complicit in destroying the American economy with shit like this and NAFTA.

[leftofthedial]

10. goddamned capitalist traitors