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GAO report on corporation taxes
LA TIMES, APRIL 2004
In early April 2004, LA Times reported on a GAO report that said that U.S. Corporations paid no federal income taxes during the boom years of the late 1990's, and those that did were able to shelter much of their income. The GAO further found that tax receipts paid by corporations have been declining for decades, and that 61% of U.S. Corporations paid no federal income taxes from 1996 through 2000.
The corporate tax rate is 35%, but corporations are able to reduce their tax burden by claiming various legitimate deductions and credits to offset tax liabilities. Small corporations were more likely to avoid taxation than large ones.
The Bush Administration and John F. Kerry both advocate across the board reduction in corporate taxes.
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