Many Companies Pay No Income Taxes

Most U.S. and foreign corporations doing business in the United States avoid paying any federal income taxes, despite trillions of dollars worth of sales, a government study released. 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. [Source]

Geithner: Obama Seeks to Lower Corporate Tax Rate to 28 Percent

February 22, 2012

AP - President Barack Obama says the current corporate tax system is outdated, unfair and inefficient. He is calling for an end to dozens of subsidies and loopholes that he says offer tax breaks to companies that move jobs and profits overseas.

Obama says the current system is "not right and it needs to change."

The Obama administration is proposing cutting corporate tax rates from 35 percent to 28 percent. That is still higher than the 25 percent rate sought by congressional Republicans.

Obama said in a statement Wednesday that his framework lowers the corporate tax rate and broadens the tax base and will increase competitiveness for companies across the U.S.

10 Big Corporations That Pay Their CEO More Than They Pay in Federal Taxes

August 31, 2011

Business Insider - Public outcry against lofty executive compensation has been constant since the beginning of the financial crisis, and a new study from the Institute for Policy Studies is sure to fan the flames even more.

The progressive Washington think tank found that 25 of the 100 highest-paid CEOs are actually making more money than their companies are paying in federal income taxes. The average compensation for those 25 CEOs was $16.7 million, according to Reuters.

Click here to see the companies

The IPS report also notes that many of the companies spent more money on lobbying than they paid in taxes.

Read More...