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Transfer_pricing_article - Most companies in U.S. avoid...

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Most companies in U.S. avoid federal income taxes By Jennifer C. Kerr Associated Press Article Launched: 08/11/2008 09:25:35 PM PDT WASHINGTON — Unlike the rest of us, most U.S. corporations and foreign companies doing business in the United States pay no federal income tax, according to a new report from Congress. The study by the Government Accountability Office, expected to be released today, said that, from 1998 to 2005, two-thirds of U.S. corporations paid no federal income taxes, and about 68 percent of foreign companies doing business in the United States avoided corporate taxes over the same period. Collectively, the companies reported trillions of dollars in sales, according to the GAO's estimate. "It's shameful that so many corporations make big profits and pay nothing to support our country," said Sen. Byron Dorgan, D-N.D., who asked for the GAO study with Sen. Carl Levin, D-Mich. An outside tax expert, Chris Edwards of the libertarian Cato Institute in Washington,
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This note was uploaded on 09/29/2011 for the course ACCT 305 taught by Professor Franz during the Spring '07 term at S.F. State.

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Transfer_pricing_article - Most companies in U.S. avoid...

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