Most Corporations Doing Business in U.S. pay No Federal Income Tax! |
According to August 12, 2008 news article from Reuters, 72 per cent of all foreign corporations and about 57 per cent of U.S. companies doing business in the United States paid no federal incomes taxes for at least one year between 1998 and 2005.
In a report by the Government Accountability Office covering the above period of time, corporate sales in the United States totaled $ 2.5 trillion while more than half of foreign companies and 42 per cent of U.S. companies paid no U.S. income taxes for two or more years.
This article went on to quote U.S. Senator Bryon Dorgan of North Dakota who called this GAO report " a shocking indictment of the current tax system." Another U.S. Senator, Carl Levin of Michigan said that " too many corporations are using tax trickery to send their profits overseas and avoid paying their fair share in the United States."
Is it about time that America's "Silent Majority" spoke up and DEMANDED that everyone who does business here in the United States PAY A FAIR SHARE OF THEIR GROSS SALES!!
I'm personally mad as hell and hope anyone who reads this blog will not only be angry but want to join me in getting this fraud changed immediately.
I have one suggestion. Immediately, everyone who does business in the United States whether small or huge, whether a local American business or foreign entity, give a MINIMUM "one per cent of their GROSS SALES to America" each year regardless whether they can show tax credits or paper losses via depreciation, capital improvements, etc.
For 2008, America's Gross Domestic Product (GDP) was around $ 14 trillion. Based on one cent per dollar, that would give our federal government at least another 140 billion dollars.
That extra sum of money could go a long way toward paying for a national health plan.
I welcome comments to my ideas above.
