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.
Has Biden done anything to change that in 3 years ?
To veto a law he wasn’t president at the time of passing? No.
No, Biden hasn’t vetoed this law passed before he took office. I don’t know why, though. Probably because he’s so durn terrible and what-all?
The IRA has a provision that ends $0 corporate tax loopholes. If a company does well and they use loopholes to end up with a $0 bill, there’s a new 15% minimum tax they have to pay.