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Senator Rob Portman said on Monday he would soon introduce legislation to lower the corporate tax rate to 25 percent from 35 percent and giving a break on offshore profits.
Camp, the chairman of the tax-writing panel and former member of the debt reduction panel, has proposed slashing the top tax rates for individuals and corporations. He also proposed adopting a territorial system that would exempt 95 percent of companies' overseas profits from the U.S. corporate income tax.
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 on Tuesday said.
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.
More than half of foreign companies and about 42 percent of U.S. companies paid no U.S. income taxes for two or more years in that period, the report said.
During that time corporate sales in the United States totaled $2.5 trillion, according to Democratic Sens. Carl Levin of Michigan and Byron Dorgan of North Dakota, who requested the GAO study.
As you work on your taxes this month, here's something to raise your hackles: Some of the world's biggest, most profitable corporations enjoy a far lower tax rate than you do--that is, if they pay taxes at all.
Your rent may be too damn high, but Jimmy McMillan's sure isn't.
The Vietnam vet stole the spotlight at the gubernatorial sideshow debate earlier this week, bellowing his campaign platform and party banner, "The rent is too damn high."
But McMillan's indignant pontification doesn't appear to stem from personal experience. As it turns out, he doesn't pay rent at all -- and hasn't done so since the 1980s, according to a published report.
McMillan missed payments on his $800-a-month one-bedroom apartment in Flatbush and his landlord allowed him to live rent free in exchange for maintenance work, reports The New York Times.