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Big Corporations Exploit Big Tax Loopholes

NEW YORK (MainStreet) -- Taxes are at the heart of the ongoing social debate in cities across the U.S., as the Occupy Wall Street movement flexes its muscles and escalates its visibility in clashes with police in Oakland, Calif.

A study from the polling organization Quinnipiac shows that the movement is losing favor with the public, with 30% approving and 39% disapproving of the OWS movement (the rest have no opinion).

Tax policy is a big political issue, and studies show how coddled corporations are in not paying their fair share to Uncle Sam.

But OWS still fares slightly better than the Tea Party in the eyes of the public when measured in percentage of disapproval. Quinnipiac reports that The Tea Party movement gets disapproval from 45% of survey respondents (versus the OWS disapproval rating at 39%), with 31% viewing the Tea Party favorably (actually one 1% higher than OWS approval), and 24% who don't know enough about it for an opinion.

While both political factions battle it out, U.S. corporations are dealing with the tax issue in their own ubiquitous way -- by dodging them.

A study from Citizens for Tax Justice and the Institute on Taxation and Economic Policy Release, called Corporate Taxpayers and Corporate Tax Dodgers, 2008-2010, notes that 78 of 280 of America's "most profitable" companies paid no federal income tax in at least one of the past three years.

The study also claims that 30 of the 280 companies tracked by the study actually had a negative federal income tax rate during the past three years. Collectively, all of the companies tracked got hundreds of billions of dollars in tax relief, the study says.

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