Corporations allowed to avoid paying taxes |

Corporations allowed to avoid paying taxes

By now a great many Americans are aware that Enron paid no federal income taxes in four of the last five years. Are they alone? You might want to check how much in the way of federal corporate income taxes were paid by Microsoft, Cisco Systems and Oracle in that same five-year period.

You had better believe that it is time for some needed changes in accounting law and procedures and better oversight by the SEC. As it stands now, we taxpayers are underwriting multimillion stock options for top executives, while the corporations get to write off the apparent costs against profits. Profits then become paper losses that allow corporations to avoid paying taxes on future profits. The costs are in the billions and mounting. And we, the individual taxpayers, get to make up the difference.

Gerald L. Emerald

Nevada City

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