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Report: Legal loophole allows GM to avoid paying federal taxes... still

The United States tax code will never be accused of being simple or easy to comprehend. With a tangle of exceptions and loopholes, individuals and corporations can work their way around paying their full income tax rate with ease. According to The Detroit News, General Motors continues to avoid paying its federal income taxes since the company exited bankruptcy. In 2008, the Treasury Department ruled that the automaker could use $18 billion in losses from "old" GM to offset any profits.
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Let's Call 'Corporate Inversion' for What It Is: A Gaping, Unpatriotic Tax Loophole

Politics / US Politics : Huffington Post: Politics Blog (2 days ago)

In 2004, Congress enacted a law to prevent "corporate inversions" in which corporations reincorporate in a foreign country to avoid paying U.S. taxes, but a gaping loophole allows corporations to get around this law by merging with ... Read Post

Obama's weekly address: Close corporate tax loopholes

US Politics / Liberal : Daily Kos (5 days ago)

The president devoted today's regular address to closing corporate tax loopholes, especially loopholes that allow American companies to evade taxes by "renouncing their citizenship." Even as corporate profits are as high as ever, a ... Read Post

Oregonians to Legislature: Close the Con-way Loophole

US Politics / Liberal : BlueOregon (2 days ago)

Some 1,500 Oregonians have signed a petition asking Oregon lawmakers to close a tax loophole used by some corporations to get around the state’s corporate minimum tax, allowing them to pay nothing in income taxes. The tax loophole i... Read Post

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