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.
How much the top 25 companies
saved in taxesstiffed the public fundsBank of America $23.89 billion
AT&T $17.68 billion
J.P. Morgan Chase & Co. $16.69 billion
Verizon Communications $13.68 billion
Apple $9.26 billion
General Motors $6.52 billion
Citigroup $5.88 billion
Walt Disney $5.09 billion
NextEra Energy $4.57 billion
Duke Energy $4.51 billion
Comcast $4.36 billion
Walmart $4.04 billion
T-Mobile US $3.84 billion
Southern $3.41 billion
United Parcel Service $3.32 billion
Nike $3.12 billion
PNC Financial Services Group $3.08 billion
Netflix $2.98 billion
Texas Instruments $2.92 billion
Charter Communications $2.75 billion
Kinder Morgan $2.75 billion
FedEx $2.66 billion
Dominion Energy $2.62 billion
DISH Network $2.60 billion
Principal Financial $2.47 billion
My rough estimate is $120B. How far off am I?
23 corporations, including T-Mobile US and Xcel Energy, paid zero (or less) federal income tax over the five-year period
So… Does that mean they paid zero taxes and got a return? How the hell do you pay less than zero dollars in taxes?
Yep, you got it. Tax credits for things like RnD and green initiatives, depreciation of assets like buildings and machinery , and the evergreen strategy of exploiting tax loop holes
The industries enjoying the lowest five-year effective tax rates were utilities (negative 0.1 percent); oil, gas, and pipelines (2.0 percent); motor vehicles (3.2 percent); and telecommunications (7.7 percent).
Most of which are actively destroying the earth. Probably a coincidence.
I sure am glad we gave those companies tons of taxpayer money through the infrastructure and climate bills, I’m sure they will only use those funds to make the country a better place for all of us to live /s
Despite their record profits they see fit to drive inflation up and charge customers more.
I knew this was happening and has been forrrrrever but it still makes me angry every time it comes up
Or less… Or less?! So we should pay them?
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.
Is Senate Parliamentarian the title you’re looking for?
Yes! Thank you.
Air Force One accidentally being bequeathed to Papa John is so damn hilarious I kinda wish it would happen
OR LESS
I’d MUCH rather my Tax Dollars go to THAT then to go to feeding STARVING AMERICAN CHILDREN! I’m Pro Life and trying to Protect The Kids!
