According to a report released by the US Government Accounting Office (GAO) on Friday, during the 1996-2000 period, 71% of foreign-owned firms and 61% of US firms paid no income tax on profits from their US operations.
The report, commissioned at the request of North Dakota Democrat, Senator Byron Dorgan, and Michigan Democrat, Senator Carl Levin, went on to reveal that foreign corporations that did pay income tax were usually facing lower bills than their US counterparts.
The GAO suggested that companies may not report US income tax due to a variety of reasons, including operating losses, losses carried forward from preceding tax years, large tax credits and transfer pricing activities.
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