Post by RPankn on Apr 4, 2004 2:55:53 GMT -5
WASHINGTON - Most American and foreign corporations operating in the United States paid no income tax between 1996 and 2000, government auditors said Friday.
Using data collected by the Internal Revenue Service, the auditors found that 71 percent of foreign corporations paid no federal income tax. During the same time, 61 percent of American corporations paid no income tax.
Among the largest corporations, American businesses were more likely to avoid taxation than foreign businesses.
The study was done by the General Accounting Office, the investigative arm of Congress.
Investigators also looked at companies that paid less than 5 percent of their total income in tax.
In 2000, the most recent year for which data was available, an estimated 94 percent of American corporations and 89 percent of foreign corporations paid less than 5 percent of their total incomes in taxes.
www.dailybulletin.com/Stories/0,1413,203~21482~2059300,00.html#
Using data collected by the Internal Revenue Service, the auditors found that 71 percent of foreign corporations paid no federal income tax. During the same time, 61 percent of American corporations paid no income tax.
Among the largest corporations, American businesses were more likely to avoid taxation than foreign businesses.
The study was done by the General Accounting Office, the investigative arm of Congress.
Investigators also looked at companies that paid less than 5 percent of their total income in tax.
In 2000, the most recent year for which data was available, an estimated 94 percent of American corporations and 89 percent of foreign corporations paid less than 5 percent of their total incomes in taxes.
www.dailybulletin.com/Stories/0,1413,203~21482~2059300,00.html#