Corporations Don’t Pay Taxes

FITE Newsletter #22

The big news is not just how the ultra rich – and their corporations – refuse to pay their taxes, but how much this is now mentioned in the media. The latest example is a widely covered investigation of this issue by the General Accounting Office (GAO) just out last week detailing how little corporations now pay in taxes. (Googling got us 12 pages of references to this study)

The findings are as graphic as any we have included in this newsletter. MOST corporations pay less than 5% of their total income in income tax. About 60% paid NO INCOME TAX. This is only another way to say what Warren Buffet said last week: if 550 of the top taxpayers paid the same taxes he himself pays, nobody else would have to pay any taxes at all this year.

Meanwhile, Rush Limbaugh continues to claim the ultra rich pay too much, casting doubt on his assertions that he is no longer a drug user.

[m-Note: For those of you in the Boston area who might want to participate or just wander over to meet the folks behind FITE:)

Join us:

FITE will be at the South Station Postal Annex Thursday night to underscore that we pay as much as we do to the IRS because the super rich are paying less and less. As the usual surprising number bring their tax returns at the last minute, we will provide a fun, pointed presence. Join us! We?re be there (the Annex is attached to South Station) between 10PM and 11:30PM.


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