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.
The IRA has made it impossible for large profitable companies to pay $0 in taxes. They’re now subject to a 15% minimum tax even if their tax burden could be $0 by using loopholes.
Currently it just applies to large corporations making a ton of money, but it would be easy enough to widen the net.
So remember, Trump made some billionaire CEOs and companies pay $0 in taxes. Biden made them pay 15%. There’s your reason to vote for him.