Win My Vote: Close Corporate Tax Loopholes

Since we are in the heart of election season I thought I would take the opportunity to help Senators Obama and McCain afford the aggressive promises they are making to win our votes.

According to a study by the Government Accountability Office (GAO):

1. Almost 66% of U.S. companies and 68% of foreign companies do not pay federal income taxes.

2. Between 1998 (under Clinton) and 2005, 1.3 million U.S. corporations and 39,000 foreign companies doing business inside the United States paid zero taxes on a total of $2.5 TRILLION in revenue.

3. 28% of foreign companies and 25% of U.S. corporations with more than $250 million in assets or $50 million in sales paid no federal income taxes in 2005. Those companies totaled a combined $372 billion in sales for the largest foreign companies and $1.1 trillion in revenue for the biggest U.S. companies.

The GAO report, which did not name any specific companies, said that some corporations reported zero income before deducting expenses while others said they had zero net income after deducting expenses. Either way, those companies reported no tax liability, the GAO said.

While those figures are staggering, they pale in comparison to the number of people who don’t have insurance, who can’t afford their mortgages, who can’t even afford to put gas in their cars. Don’t get me wrong, I am not losing my capitalist pig MoJo but what’s fair is fair!

It’s time to take back our country, and the only way to do that is by including everyone, not just those that can. Oh my God, I got Democrat all over me.

Get out and Vote!