NEWS FLASH

U.S. Corporations Paying Less In Taxes Than Before The Recession, Even Though Profits Have Rebounded | According to data compiled by Bloomberg News, worldwide tax payments by non-financial U.S. companies in the Standard & Poor’s 500 “fell 13.2 percent to $222 billion in 2010 from 2007,” even though their net income rose 12.5 percent to $612 billion over that period. The drop is a result of companies taking advantage of a slew of new tax breaks, as well as “expansion in overseas markets, where the tax burden is lower.” A recent report showed how, here in the U.S., 30 major corporations spent more money lobbying in Washington than they paid in corporate income taxes between 2008 and 2010.