No, we're not:
The economic expansion that began in mid-2009 spurred the biggest jump in profits since 1988 last year, pushing cash to an all-time-high of $937 billion for companies in the benchmark U.S. equity index, S&P data show. This year, there have been 95 increases and no decreases to payouts in the S&P 500.And while they're making all that money, many companies are not paying taxes:
Are some large U.S. businesses not paying taxes, as Fudge claims?We're not broke: we just don't collect enough taxes from the people with the money.
To back up her assertion, Fudge’s office cites media reports about particular companies – like General Electric and Bank of America -- that did not pay 2009 taxes as well as a July 2008 report from Congress’ Government Accountability Office that showed it’s relatively common for big companies to pay no taxes.
Between 1998 to 2005, GAO found that about 72 percent of large foreign controlled companies and 55 percent of large U.S. controlled companies reported zero tax liability for at least one year. About 57 percent of foreign controlled large companies and 42 percent of U.S. large companies paid no taxes in two or more years, and a third of the foreign companies and one quarter of their U.S. counterparts paid no taxes for at least four of those years. Just 45 percent of large U.S. companies and 28 percent of foreign companies reported a tax liability for each of the eight years. The report defined large companies as those with at least $250 million in assets, or at least $50 million in receipts
It really is that simple.