taxes

Two-thirds of corporations operating in the U.S. pay no income tax

Here’s a little something to keep in mind the next time corporations profess horror at the very idea of a carbon tax: Two-thirds of U.S. corporations paid no federal income taxes between 1998 and 2005, according to a new report from Congress. The study by the Government Accountability Office, expected to be released Tuesday, said […]

Gas tax revenue falling, feds seek to raid mass transit budget to pay for highways

From The New York Times:

Gasoline tax revenue is falling so fast that the federal government may not be able to meet its commitments to states for road projects already under way, the secretary of transportation said Monday.

The secretary, Mary E. Peters, said the short-term solution would be for the Highway Trust Fund's highway account to borrow money from the fund's mass transit account, a step that would balance the accounts as highway travel declines and use of mass transit increases. Both trends are being driven by the high price of gasoline and diesel fuel.

Got that? High gas prices are shifting people from cars into mass transit. The only appropriate response, clearly, is to rob the mass transit accounts to pay for highway projects.

A Taxing Issue

I’m not sure how or when our political arena became so infested with dubious “facts.” However it happened, we ordinary citizens don’t have time to separate the truth from the barrage of falsehoods. So I am grateful for public-interest research groups that watch the numbers for us. One of the best is Citizens for Tax […]