I Need A Better Accountant
Category: Economy & Business...
Posted Tuesday, April 06, 2004 at 06:47 AM [GMT-6]

Hot on the heels of this whiny post about all the FIT we've paid over the years comes an article in today's Wall Street Journal entitled "Many Companies Avoided Taxes Even as Profits Soared in Boom."

The [GAO] report examined a sample of tax information for the years 1996 through 2000; for 2000, it covered about 2.1 million returns filed by U.S.-controlled corporations and 69,000 filed by foreign-controlled corporations. It showed that big companies -- defined as those with at least $250 million in assets or $50 million in gross receipts -- were more likely to pay taxes than smaller ones. Still, the GAO said 45.3% of large U.S.-controlled companies and 37.5% of large foreign-controlled companies had no tax liability in 2000. More than 35% paid less than 5% of their income.

The emphasis in the above quote is mine, intended to highlight this comparison: over the past 30 years, our family's federal income tax burden has averaged 21% of our adjusted gross income. The percentages ranged from a high of 29% to a low of 9% (in 1974, when we were full-time college students).

We're obviously using the wrong tax accountant. That would be, um, me.

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Comments

We're obviously using the wrong tax accountant.

Or maybe you just need to grow your families assets to say.....$250 million.

Posted by: Wallace at April 6, 2004 10:05 AM
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