Among lowest taxpayers were companies whose CEOs have become high-profile advocates for corporate social responsibility

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.

  • Optional@lemmy.world
    10·
    4 months ago

    Remember this was that exciting trump-regime kerfuffle when the tax bill was absolutely the only idea they had (no new medicare, no infrastructure bill, they were a hot mess with no ideas and less sense).

    They all heroically came together to shove a huge profit grab through and they didn’t even do that right - the . . . rules judge (f**kme I can’t think of the title of that role and web searching was zero help. I did find this contemporary recap from CNN that is absolutely a perfect time-capsule of the idiocy and horifying betrayal the corporate news became for trump)

    Anyway, they had faxed in hundreds of hand-written items in the margins of the bill to create a superclusterfuck of legislative assault and even the senate rules person had to stiff arm them for a few hours in the middle of the night lest they accidentally give AirForce One to Papa John or some equally fucked up thing.

    Only one Republican dissented, Bob Corker, and he did the best that a newly-pithed republican could do at the time, which was reitre and say trump was a loser - but, of course, do absolutely nothing to stop him.

    they could have maintained or even increased the effective rate paid by corporations by shutting down special breaks and loopholes in the corporate income tax. But from the very beginning of the debate over the 2017 legislation, it was clear their goal was to allow corporations to contribute less to the public investments and the society that makes their profits possible.