culture, politics, commentary, criticism

Thursday, September 23, 2004
Baghdad and big breaks. The corporate overlords of the Republican Party have done quite well under Bush Jr., whose entire agenda apparently consisted of phony wars and breaks for business (
Eighty-two of the country's largest profitable corporations paid no federal income tax for at least one year of the Bush administration's first three years, a study found.

The study by Citizens for Tax Justice, a liberal-leaning think tank in Washington, and the affiliated Institute on Taxation and Economic Policy, examined 275 Fortune 500 corporations with total cumulative profits of $1.1 trillion in 2001, 2002 and 2003. One-third paid no federal income taxes in at least one of those years, and many received refunds of taxes paid in prior years.

The think tank's 1988 survey of large corporations found the overall effective tax rate was 26.5%; a survey of companies in 1996-98 found the rate dropped to 21.7%. The latest survey showed the effective rate fell to 17.2% in 2001-03.

Under President Bush, several corporate-tax breaks have been expanded temporarily. That, with sagging profits and improper tax shelters, has driven down corporate-tax receipts as a share of the economy, to 1.2% in 2003, the second-lowest rate recorded in the post-World War II era.

Democratic presidential candidate John Kerry has sought to exploit the issue. An economic adviser, Jason Furman, said the study shows Mr. Bush is "utterly hypocritical" when he talks about advancing a tax overhaul in a second term. The administration has failed to back many needed loophole closers, Mr. Furman said, while it pushed through the expansions of corporate-tax breaks in 2002 and 2003 that are a focus of the study's criticism.


General Electric Co. topped the list of companies with the largest total tax breaks, at $9.5 billion duringthe three-year period. It was followed by SBC Communications Inc. with $9 billion, Citigroup Inc., $4.6 billion, and International Business Machines Corp., $4.6 billion.
Take a look at study on the Citizens for Tax Justice website, dated 9/22/04.

Greatest Hits · Alternatives to First Command Financial Planning · First Command, last resort, Part 3 · Part 2 · Part 1 · Stealing $50K from a widow: Wells Real Estate · Leo Wells, REITs and divine wealth · Sex-crazed Red State teenagers · What I hate: a manifesto · Spawn of Darleen Druyun · All-American high school sex party · Why is Ken Lay smiling? · Poppy's Enron birthday party · The Saudi money laundry and the president's uncle · The sentence of Enron's John Forney · The holiness of Neil Bush's marriage · The Silence of Cheney: a poem · South Park Christians · Capitalist against Bush: Warren Buffett · Fastow childen vs. Enron children · Give your prescription money to your old boss · Neil Bush, hard-working matchmaker · Republicans against fetuses and pregnant women · Emboldened Ken Lay · Faith-based jails · Please die for me so I can skip your funeral · A brief illustrated history of the Republican Party · Nancy Victory · Soldiers become accountants · Beware the Merrill Lynch mob · Darleen Druyun's $5.7 billion surprise · First responder funding · Hoovering the country · First Command fifty percent load · Ken Lay and the Atkins diet · Halliburton WMD · Leave no CEO behind · August in Crawford · Elaine Pagels · Profitable slave labor at Halliburton · Tom Hanks + Mujahideen · Sharon & Neilsie Bush · One weekend a month, or eternity · Is the US pumping Iraqi oil to Kuwait? · Cheney's war · Seth Glickenhaus: Capitalist against Bush · Martha's blow job · Mark Belnick: Tyco Catholic nut · Cheney's deferred Halliburton compensation · Jeb sucks sugar cane · Poindexter & LifeLog · American Family Association panic · Riley Bechtel and the crony economy · The Book of Sharon (Bush) · The Art of Enron · Plunder convention · Waiting in Kuwait: Jay Garner · What's an Army private worth? · Barbara Bodine, Queen of Baghdad · Sneaky bastards at Halliburton · Golf course and barbecue military strategy · Enron at large · Recent astroturf · Cracker Chic 2 · No business like war business · Big Brother · Martha Stewart vs. Thomas White · Roger Kimball, disappointed Republican poetry fan · Cheney, Lay, Afghanistan · Terry Lynn Barton, crimes of burning · Feasting at the Cheney trough · Who would Jesus indict? · Return of the Carlyle Group · Duct tape is for little people · GOP and bad medicine · Sears Tower vs Mt Rushmore · Scared Christians · Crooked playing field · John O'Neill: The man who knew · Back to the top

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