27 Sep 2024 8:24 am
Do explain this to usPhiloBeddo » 26 Sep 2024, 8:37 pm » wrote: ↑ She wants to raise taxes on Corps so they pay their fair share. WTF. Do you idiots know that any Corp does not pay the tax. YOU PAY THE TAX. Whatever taxes are put on any business, Corp or not, is paid by the consumer. WAKE UP YOU IDIOTS.
some companies paid zero taxes
tell us how that is fair share
5%
The tax overhaul signed into law by former President Donald Trump in 2017 cut the federal corporate income tax rate from 35 percent to 21 percent, but during the first five years it has been in effect, most profitable corporations paid considerably less than that.
The 342 companies included in this study paid an average effective income tax rate of just 14.1 percent during this five-year period, almost a third less than the statutory rate of 21 percent.
Nearly a quarter of the corporations in this study (87 companies) paid effective tax rates in the single digits or less during this five-year period.
Of these, 55 (16 percent of the total 342 companies) paid effective rates of less than 5 percent. This is particularly striking given that all these companies were profitable for at least five years consecutively. Companies paying less than 5 percent include T-Mobile, DISH Network, Netflix, General Motors, AT&T, Bank of America, Citigroup, FedEx, Molson Coors, Nike, and many others.
Twenty-three corporations paid zero federal tax over the five-year period despite being profitable in every single year. And 109 corporations paid zero federal tax in at least one of the five years.
https://itep.org/corporate-tax-avoidanc ... le%20year.
@Blackvegetable
