William Brenner wrote:

- quote -

First question how many of these corporations had a real
profit? Or were many of them Dot Com phantom businesses?

--
Frederick E. Jorden http://Tax-Accounting-Payroll.com
7825 Midlothian Tpk - 207 Richmond, VA 23235-5247
EMAIL knowtax[at]bigfoot.com
(804) 320-6210 FAX (804) 320-6211

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- quote -

Many Firms Avoided Taxes in Boom
April 6, 2004: 7:32 AM EDT

WASHINGTON - More than 60% of U.S. corporations didn't pay any federal
taxes for 1996 through 2000, years when the economy boomed and corporate
profits soared, Tuesday's Wall Street Journal reported, citing the
investigative arm of Congress.

The disclosures from the General Accounting Office are certain to fuel
the debate over corporate tax payments in the presidential campaign.
Corporate tax receipts have shrunk markedly as a share of overall
federal revenue in recent years, and were particularly depressed when
the economy soured. By 2003, they had fallen to just 7.4% of overall
federal receipts, the lowest rate since 1983, and the second-lowest rate
since 1934, federal budget officials say.

<remainder snipped by moderator because this is copyrighted material
Wall Street Journal Staff Reporters John D. McKinnon and Rob Wells
contributed to this article. Dow Jones Newswires 04-06-04 0158ET
Copyright (C) 2004 Dow Jones & Company, Inc. All Rights Reserved.

Find this article at:
http://money.cnn.com/2004/04/06/news...s_corporate.dj

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