Among lowest taxpayers were companies whose CEOs have become high-profile advocates for corporate social responsibility
Some of the US’s most profitable corporations, including General Motors, Citigroup and Netflix, have slashed their tax bills in the years since the passage of the Trump tax cuts, with nearly a quarter paying rates in the single digits and 23 paying nothing, a report has found.
The 2017 law cut the top corporate income tax rate from 35% to 21%. But the new assessment of corporate tax avoidance, published on Thursday by the non-profit Institute on Taxation and Economic Policy (Itep), found that during the first five years the law was in effect, many profitable public companies in the US paid a far lower rate in practice.
But has the current president done anything worthwhile to correct this situation?
Why should I vote for the current president if he’s just going to continue Trump’s policies?
The new year brings higher federal tax burdens for U.S. businesses. The heftier federal tax bills employers face in 2023 are primarily derived from implementation of the 2022 Inflation Reduction Act (IRA) and the phasing out of temporary provisions in the 2017 Tax Cuts & Jobs Act (TCJA). While the federal government is imposing a larger burden on businesses, state-level tax cuts that recently kicked in are providing countervailing relief in many parts of the country. In fact, 2023 began with business tax reduction of some form taking effect in many states.
www.forbes.com/sites/patrickgleason/2023/01/05/us-businesses-face-higher-federal-tax-bills-in-2023-coupled-with-state-tax-relief/amp/
-Imposing a selective 15% corporate minimum tax rate for companies with higher than $1 billion of annual financial statement income – $222 billion
-Increased tax enforcement – $181 billion[7][38] Imposing a 1% excise tax on stock buybacks – $74 billion
https://en.m.wikipedia.org/wiki/Inflation_Reduction_Act
This clearly is not a full solution but a start.
Hey Sean, don’t you have an AM radio show to do?
Y’all downvote and make jokes, but you haven’t provided me with any counter to my point.
What are you gonna say? “Trump bad”?
If Trump is bad and his policies are bad, why isn’t Biden crushing them? Why is it that Janet Yellen, just last month, stated Biden’s intent to continue Trump’s policy?
Y’all are twisted.
The answer is they both suck monster balls. One just sucks less than the other at the moment. Just cause “trump bad” doesn’t automatically mean “Biden awesome”
Yeah nobody likes Biden enough to make an identity out of worshiping him, I’m not sure why they don’t get that.
Cool democracy you have there. Hope you’re proud of it, because you are supporting it.
The IRA has made it impossible for large profitable companies to pay $0 in taxes. They’re now subject to a 15% minimum tax even if their tax burden could be $0 by using loopholes.
Currently it just applies to large corporations making a ton of money, but it would be easy enough to widen the net.
So remember, Trump made some billionaire CEOs and companies pay $0 in taxes. Biden made them pay 15%. There’s your reason to vote for him.