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The Huffington Post
The first day of the new Congress featured controversy over two unresolved Senate seats in addition to the swearing-in of new members, most of them Democrats, according to the front page of the Post. The media went crazy over Roland ... READ MORE

Drudge Report
Senate Democrats' decision to block Roland Burris from taking a Senate seat leads the Drudge Report, whose top headline is "No Seat, For You." In other links, Drudge highlights the al Qaeda message blaming President-elect Obama for the fight in ... READ MORE

RedState
Most Americans support a special Senate election in Illinois at the same time Democrats can't figure out what to do with Senate appointee Roland Burris, writes Moe Lane. The Democrats' plan for more government spending in the stimulus may not ... READ MORE

Townhall.com
Leon Panetta is a good pick as CIA director because he knows how to get access to the president, which is essential to the job, writes Hugh Hewitt. House Democrats plan to hold a hearing on the stimulus bill that ... READ MORE

The Corner
Republicans get some satisfaction in watching Democrats stumble over Roland Burris, the man they had first pledged to block from the Senate but who now looks like he'll get in, writes Byron York. Republicans need to make clear whether they'll ... READ MORE

TalkingPointsMemo
Leon Panetta's nomination as CIA director might go through if President-elect Obama retains the agency's number two guy, Stephen Kappes, who has a big supporter in Sen. Dianne Feinstein (D-Calif.), writes Josh Marshall. Feinstein is right to say that Roland ... READ MORE

MyDD
The negative reaction by Sens. Dianne Feinstein (D-Calif.) and Jay Rockefeller (D-W.Va.) to President-elect Obama's choice of Leon Panetta as CIA director once again shows that change to Washington won't come easy, writes Charles Lemos. Under President Bush's time in ... READ MORE

Daily Kos
President-elect Obama's choice of Leon Panetta as CIA director shows that he's serious about breaking away from the intelligence community's past practices, writes mcjoan. Since Republican Norm Coleman stands little chance of winning a lawsuit to help him overturn Democrat ... READ MORE

Marc Ambinder
Vice President-elect Joe Biden is going to Southwest Asia this week so he can gather data to help the Obama administration hit the ground running once it takes office, writes Marc Ambinder. The row between Sen. Dianne Feinstein (D-Calif.) and ... READ MORE

The Fix
Republican National Committee Chairman Mike Duncan is the slight favorite to to win the RNC chairman's race, which is still wide open and is starting to divide the GOP, writes Chris Cillizza. Former Florida Gov. Jeb Bush's (R) decision not ... READ MORE

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August 12, 2008

Two Thirds of Corporations Paid No Income Taxes from 1998 to 2005

@ 11:44 am by Chris Good

Roughly two thirds of U.S. corporations paid no income taxes each year from 1998 to 2005, a new report from the Government Accountability Office (GAO) shows.

The GAO found that even more foreign-controlled corporations doing business in America paid none.

Among U.S. corporations, 65 percent paid no income taxes, whereas 68 percent of foreign-controlled companies paid none, yielding an average of 67 percent.

Corporations can claim zero taxable income in different ways. Most commonly, corporations claimed that tax deductions more than offset their positive incomes, before net operating losses were taken into account; that was how 52 percent of the corporations in question claimed zero liability on tax forms, the study found.

Archived under: Economy & Budget, News, Other
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