Press Releases
Brendan Daly/Nadeam Elshami
202-226-7616
08/12/2008
Pelosi: GAO Report on Corporate Taxes Shows Need for Tax Reform
Washington, D.C. - Speaker Nancy Pelosi released the following statement today on new Government Accountability Office report that said that two-thirds of U.S. corporations paid no federal income taxes between 1998 and 2005:
“When two-thirds of corporations pay no taxes, American workers are forced to pay too much in taxes even as they cope with rising prices and falling wages. The GAO study highlights the need to revisit tax reform to ensure that U.S. companies pay their fair share of taxes while not hindering their ability to compete in the global market.
“The New Direction Congress has already begun making the tax code fairer for working Americans by enacting Recovery Rebates that benefited more than 100 million Americans and by protecting 25 million Americans from the Alternative Minimum Tax. But, as this Government Accountability Office report makes clear, there is much more work left to do to ensure that the tax code is fairer to both workers and businesses.”