meehawl

all that is solid melts into air, all that is holy is profaned

Financial Terrorism

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More than 60% of all U.S. companies paid no federal tax at all during the boom years of 1996 to 2000, the General Accounting Office reports. In 2000 alone, 94% of all U.S. corporations paid less than 5% of their total income in corporate taxes, the GAO said in a report released Friday. Among the largest corporations — the 1% of all corporations that owns 93% of all corporate assets — 82% paid less than 5% of their income in taxes … The federal corporate tax rate is 35%, but tax credits and loopholes can dramatically shrink the tax bill.

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