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.
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
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