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PAYING THE CORPORATE TAX
Most Americans filed their tax returns on April 15th and they may have thought they were paying off the tax obligation for just their household. However they were also footing the bill for American companies. "Most major corporations have a tax department not just to comply with the tax code but also as a profit center;“ says Charles Cray of the Center for Corporate Policy, a nonprofit watchdog group.
A 2004 U.S. Government Accountability Office (GAO) study found that 61 % of American corporations, including 39% of large companies, paid no corporate income taxes between 1996 and 2000. Last year, corporations shouldered just 14.4% of the total U.S. tax burden, compared with about 50% in 1940.
While companies are getting off easy, thanks to loopholes, ordinary wage earners are getting stuck with the tab. The tax burden on individuals is expected to climb from $1.l6 trillion in 2007 to $1.21 trillion this year, according to the Congressional Budget Office, while corporate tax receipts are expected to decline from $370 billion to $364 billion. By 2013, the CBO estimates,
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