Friday, September 24, 2004

 

So much for tax fairness

If the following doesn't make every middle-class Bush-Cheney supporter gasp, nothing will.

Policy Matters Ohio has just released the following information from a report by Citizens for Tax Justice and the Institute on Taxation and Economic Policy. In brief, the report shows that many of the country’s biggest corporations are once again paying little or nothing in federal income taxes, including 46 that paid no taxes in 2003. According the PMO release:

"These forty-six “no-tax corporations” in 2003 include two Ohio-based firms, NCR and Timken. NCR made $103 million in pretax U.S. profits in 2003—and got a tax rebate of $39 million, for a tax rate of negative 38 percent. Timken made $52 million in pretax U.S. profits, and got a tax rebate of $1 million."

[. . . ]

" In each of the last two years, the overall effective tax rate for the 275 profitable corporations in the study was less than half the statutory 35 percent tax rate. Ohio-based companies paying less than half the 35 percent rate at least once during the three-year period include American Financial Group, Cardinal Health, Cinergy, Kroger, NCR, Timken, Eaton, Fifth Third, Key Corp, Nationwide, and Parker Hannifin."

Say, aren't these the same "go-to" companies whenever the RNC and Bob Bennett need more money?

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