“Corporations zeroing out their tax bills or paying single-digit federal tax rates mean a substantial loss in federal revenue. Calls to cut critical programs and services in the wake of these corporate tax cuts are absolutely connected.”
By Eoin Higgins, staff writer for Common Dreams. Published 4-11-2019
Steve Mnuchin, Mike Pence and Gary Cohn watching the Senate vote on the 2017 tax bill. Photo: White House
A new analysis out Thursday shows that tax policy under the Trump administration is benefitting large corporations to such a degree that twice as many large companies will pay nothing in federal taxes for 2018 compared to previous years.
The report by the Institute on Taxation and Economic Policy, which comes less than a week before tax day in the United States on April 15, found that 60 companies—including Amazon, Netflix, Activision Blizzard, General Motors, and IBM—used “a diverse array of legal tax breaks” to bring their federal tax liability to zero. Continue reading