companies paid no federal income taxes during at least one year. Among nationally known businesses, Lyondell Chemical, Texaco, Chevron, CSX, Tosco, PepsiCo, Owens & Minor, Pfizer, JP Morgan, Saks, Goodyear, Ryder, Enron, Colgate-Palmolive, Worldcom, Eaton, Weyerhaeuser, General Motors, El Paso Energy, Westpoint Stevens, MedPartners, Phillips Petroleum, McKesson and Northrup Grumman each had net negative tax liabilities.Ī study by the Government Accountability Office also determined that, from 1998 to 2005, 55 percent of U.S. corporations had a net liability of less than half their full 35 percent corporate tax rate. Both were devised by partners of the nationwide accounting firm KPMG.Ī report by the IRS indicated that in 2009, 1,470 Americans with annual incomes of more than $1 million faced an annual net tax liability of zero or even less. tax shelters include the Foreign Leveraged Investment Program and the Offshore Portfolio Investment Strategy. When the Senate’s Permanent Subcommittee on Investigations looked into devious tax shelters, it discovered that many of them were designed by accountants of large American accounting firms. The Internal Revenue Service recently cracked down on tax shelters that it considered abusive. Home ownership, pension plans, and Individual Retirement Accounts may be interpreted as “tax shelters,” as long as funds in them are not taxed and if they are held within the required amount of time. Tax shelters are investments that reduce a person’s income tax liability.
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