Monday, April 15, 2019

Tax cut for corporations and millionaires

$29 billion tax break

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.

Altogether, the law led to a 31 percent decline in corporate-tax revenue last year. That decline has helped cause an increase in the deficit. As the law professors Rebecca Kysar and Linda Sugin have written, the Trump tax cut is financed “on the backs of future generations”...

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At 6:32 PM, Anonymous Anonymous said...

"on the backs of future generations”

Must be referring to the wonderful blue state of California including SF giving subsidies to corp like twitter, Facebook, google and so on.

The real story....

Only thing being financed on the backs of individuals are blue states because of they're ridiculous state and local taxes.

Let me know if by the off chance you know how to read numbers. Then I'll drop some CBO numbers for you.

Such a bs post.


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