Amazon. Delta Air Lines. Chevron. IBM. General Motors. Molson Coors. Eli Lilly.
What do these companies have in common? They paid no federal taxes last year.
Thanks to President Trump’s 2017 tax law, the number of Fortune 500 companies that pay no federal taxes roughly doubled last year, to 60, according to an analysis by the Institute on Taxation and Economic Policy, a research group. Some of them effectively paid negative taxes, because they received a refund.
The number of companies paying no taxes has risen for two main reasons. First, the Trump tax law expanded some corporate tax breaks, such as the one for the purchase of machinery and vehicles. Second, the law reduced the top-line corporate tax rate, which means that some companies now have a low enough tax bill that they can wipe it out entirely with tax breaks.
—Their Tax Rate Is 0%
I agree with the author, there were good arguments for lowering the corporate tax rate, but the way they did it just reinforces people’s beliefs that the system is stacked against them.
Sorry to be so uncheerful! Does this video help?
April 15, 2019
I think that is a world wide issue…the big clout boys carry on – finding loopholes for all kinds of incentive and profitable reasons for them…
Yes, rule of law sounds great, until you figure out who is making the laws. 🙁
Another subject that makes me crazy. There just seems to be so much wrong with the tax laws but then I’m no expert on the subject.
It’s best not to think about it too much if there’s nothing we can do. I hope you liked the video about the pup.
OH, don’t get Mom started on taxes. Grrrr..
Now that smiling pup is another story altogether.
Woos – Lightning, Misty, and Timber – yeah, OK, and Piper too
Sorry about the downer, but I’m glad you liked the video. It helped me a lot.
I wonder how many blog post is going to be about taxes. Coffee is on
I’m guessing not too many. Most bloggers are smarter than I am and think of more pleasant things. 😀