A recent Forbes publication should serve as a reminder of the serious tax loopholes that allow large US companies to escape what would otherwise be a significant tax-based contribution to our government and country's economy.
Exxon Mobile was one such example. The company earned $35 billion of pre-tax profits in 2008. And how much did they pay on their federal income taxes? Zero dollars.
Perhaps if we want to work towards reducing the tax burden on our nation's citizen's, especially in challenging economic times, we should look to our corporations. They seem to be granted many rights, such as free speech rights to donate unlimited funds to federal political candidates says SCOTUS recently, yet often don't make a fair tax contribution, causing an undue burden on the rest of us.
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