Jake Johnson is a senior editor and staff writer for Common Dreams.
Many large, profitable U.S. companies paid little to nothing in federal taxes during the first five years of the 2017 Trump-GOP tax law, an unpopular measure that slashed the corporate tax rate from 35% to 21% and introduced new loopholes that the rich and powerful rushed to exploit. A study released Thursday by the Institute on Taxation and Economic Policy examines 342 companies that were profitable during each of the first five years of the tax law's enactment.
found that the 'industries enjoying the lowest five-year effective tax rates were utilities ; oil, gas, and pipelines ; motor vehicles ; and telecommunications .' On average, the 342 companies included in the analysis paid an effective tax rate of 14.1% between 2018 and 2022—significantly less than the 21% statutory rate established by the Tax Cuts and Jobs Act.
and the lead author of the new study. 'Because of an array of special-interest tax breaks, the most profitable corporations in America routinely pay effective tax rates far below the legal rate.' 'It does not have to be this way. Congress should take more steps to crack down on this widespread corporate tax avoidance.
examined. Amazon paid an effective tax rate of 8.9% between 2018 and 2022. 'Americans who heard President Trump and his supporters in Congress tout the 21% corporate income tax rate they enacted in 2017 may be alarmed to hear that so many corporations pay much less than that in reality,' said Steve Wamhoff,
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