Hey, U.S. Corporations Are Paying Taxes On Foreign Profits

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So how much more can they pay and still turn a profit. The U.S. government would like to know.

“..U.S. Corporations Pay $100 Billion in Taxes on Foreign Profits
IRS Data Contradict Accusations of Tax Evasion on International Earnings
Washington, DC, April 26, 2011-Amid widespread accusations of major U.S. corporations not paying taxes on international profits, a new analysis from the Tax Foundation finds that American companies paid nearly $100 billion in corporate income taxes to foreign governments in 2007, the most recent year for which IRS data is available.

“The truth is U.S. companies pay plenty of income taxes on international profits—they pay them to the host countries where that income is earned and where the benefits of those taxes are received.” said Tax Foundation President Scott A. Hodge. “Washington simply wants another bite at the apple with our worldwide tax system…”Read more here: U.S. corps paying on foreign profits

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