"And the stars are projectors, yeah, projecting our lives down to this planet Earth." - Modest Mouse
CNNMoney.com reports that more than 60% of U.S. corporations payed little or no taxes during the massive economic boom of the late 90's.
The GAO analysis of Internal Revenue Service data comes as tax avoidance by both U.S. and foreign companies also is drawing increased scrutiny from the IRS and Congress. But more so than similar previous reports, the analysis suggests that dodging taxes, both legally and otherwise, has become deeply rooted in U.S. corporate culture. The analysis found that even more foreign-owned companies doing business in the U.S. -- about 70% of them -- reported that they didn't owe any U.S. federal taxes during the late 1990s.
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