Approximately two-thirds of U.S. companies and foreign companies doing business in the U.S. paid no federal income taxes between 1998 and 2005, according to a new report.

The Government Accountability Office found that over 38,000 foreign companies had zero tax liability in 2005, as did 1.2 million U.S. businesses. That lack of tax liability came despite a combined $2.5 trillion in revenue for the companies.

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