A new Government Accountability Office report showed that one in five big companies don’t pay any income taxes, according toCNN Money.
CNN Money reported that the GAO’s analysis found that before 2012, 24 percent of profitable large corporations owed no income tax in 2011, 22 percent owed nothing in 2010 and 21 percent owed nothing in 2009.
The analysis said that many of the reasons corporations owed no income tax were because of tax deductions for losses in previous years, depreciating assets that they were able to write off, and offshore profits that haven’t been brought back to the United States. – READ MORE
