THE MARKET'S "ZERO CORPORATE TAXES" SUGAR HIGH!

  • Twice as many companies are paying zero taxes under Trump tax plan.
  • In its first year, the number of companies paying no taxes went from 30 to 60.
  • The Tax Cuts and Jobs Act lowered the corporate tax rate from 35 percent to 21 percent.
  • Examples include Market Cap giants such as:
    • Amazon.com Inc.
    • Netflix Inc.,
    • Chevron Corp.,
    • Eli Lilly and Co.,
    • Deere & Co.
  • Identified companies were "able to zero out their federal income taxes on $79 billion in U.S. pretax income," according to an ITEP report, which was released 04-11-19. To compile the list, ITEP analyzed the 2018 financial filings of the country's largest 560 publicly-held companies.

"Instead of paying $16.4 billion in taxes, as the new 21 percent corporate tax rate requires, these companies enjoyed a net corporate tax rebate of $4.3 billion, blowing a $20.7 billion hole in the federal budget last year." 

  • Trump's tax cut bill slashed the corporate tax rate and eliminated and tightened certain deductions, while providing other new tax breaks to companies. The cut in the corporate tax rate alone will save corporations $1.35 trillion over the next 10 years, according to the Joint Committee on Taxation, which reports to the Senate and House finance and budget committees.

Click here to read the story on the Center for Public Integrity site.

 

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SOURCE:  04-12-19 - NBC News  - "Twice as many companies paying zero taxes under Trump tax plan"

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