“Most corporations, including a large majority of foreign companies doing business in the United States, pay no income taxes, according to a report released today.
The Government Accountability Office (GAO) reported that two-thirds of both American and foreign companies doing business here end up avoiding all income tax obligations to the federal government, despite corporate sales totaling $2.5 trillion.
According to the GAO, each year from 1998 to 2005, an average of 68 percent of the foreign companies operating in the United States paid zero federal income taxes. During the same period, 66 percent of U.S. domestic corporations paid no federal income taxes to the government.”
Some of the corporations not paying any taxes in the U.S. were Bank of America, General Electric and CitiBank.