Most firms pay no income taxes - Congress
Study finds that the majority of domestic and foreign corporations in the United States avoid paying federal income taxes.
Last Updated: August 12, 2008: 4:38 PM EDT
NEW YORK (CNNMoney.com) -- Nearly two-thirds of U.S. companies and 68% of foreign corporations do not pay federal income taxes, according to a congressional report released Tuesday.
The Government Accountability Office (GAO) examined samples of corporate tax returns filed between 1998 and 2005. In that time period, an annual average of 1.3 million U.S. companies and 39,000 foreign companies doing business in the United States paid no income taxes - despite having a combined $2.5 trillion in revenue.
http://money.cnn.com/2008/08/12/news/economy/corporate_taxes/