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.
Michael Tomasky points to tax expenditures, deductions and loopholes for individuals and corporations, as the way out of our deficit trouble. He's obviously right. It's rare that you get a chance to reduce tax rates and increase tax... Read Post
John McCain and other conservatives spent the last year railing against the United States’ 35 percent corporate tax rate. What they never mentioned is that this 35 percent corporate rate is so riddled with loopholes and shelters tha... Read Post