14 Nov '11, 4am

Tax Loophole Exploitation Exacerbates Income Inequality in US

Tax Loophole Exploitation Exacerbates Income Inequality in US

The fact that America's biggest companies paid no federal taxes may come as no surprise to Washington. The report released earlier this month by nonprofit groups Citizens for Tax Justice and the Institute on Taxation and Economic Policy shows that 30 of the top 300 companies paid no taxes at all or used loopholes to end up with negative tax rates. Washington's own utility company – Pepco Holdings – paid the lowest, at nearly minus 58 percent, with GE coming close second at 45 percent. The significance of this study is not lost on any of the Occupying protesters nor should it be lost on any of the Super Committee members in Congress as they deliberate on deficit reduction tactics that may include a reform of the tax code. It's time for a more distributive tax system. The fact that companies are paying no taxes when America's working families are still struggling to winter w...

Full article: http://www.csrwire.com/blog/posts/212-tax-loophole-exploi...

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