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Trump gave staggering tax cuts to big US corporations, with some paying $0 or less, report says | Tax evasion
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Some of America's most profitable companies, including General Motors, Citigroup and Netflix, have reduced their tax bills in the years since Trump's tax cuts were passed, with nearly a quarter paying lower rates. one figure and 23 paying nothing, according to a report. found.
The 2017 law reduced the top corporate tax rate from 35% to 21%. But the new assessment of corporate tax avoidance, published Thursday by the non-profit Institute of Taxation and Economic Policy (Itep), reveals that during the first five years of application of the law, many profitable public companies in the United States paid considerable sums. lower rate in practice.
Collectively, the 342 companies studied by Itep paid an average effective tax rate of just 14.1%. Eighty-seven companies paid less than 10% on average; 55 of these companies paid less than 5%; and 23 companies, including T-Mobile US and Xcel Energy, paid no (or less) federal income taxes over the five-year period, even though they made a profit each year.
Among the lowest taxpayers were companies like Netflix and Nike, as well as several companies whose CEOs became leading advocates of corporate social responsibility and stakeholder capitalism, like Salesforce and Bank of America.
In the five years since the Trump tax law took effect, the largest and most profitable companies don't appear to be paying anywhere near that 21% rate, said Matt Gardner, a senior researcher at Itep and main author of the report. What Trump described as a big tax cut turned out to be exactly that.
Between 2018 and 2022, Bank of America reported more than $138 billion in profits, but the company paid only $5.3 billion in federal income taxes, an effective rate of 3.8%. , noted Itep.
Bank of America was recently named the second fairest company in the United States by Just Capital, a nonprofit organization that ranks U.S. companies based on their performance.[] on the issues that matter, like serving their communities. Fortune magazine called Bank of America CEO Brian Moynihan the king of crowdfunding capitalism, a term that describes the idea that today's companies not only take care of their executives and shareholders, but of the whole of society.
In 2020, Marc Benioff, co-founder and CEO of Salesforce, told the New York Times that it was time to embrace a new type of capitalism: stakeholder capitalism, which recognizes that our companies have a responsibility to all of our stakeholders.
However, during the first five years of the Trump law, Salesforce paid only $175 million in taxes on some $6 billion in profits, according to the Itep report.
There appears to be significant overlap between companies that routinely avoid corporate taxes and companies whose executives appear to have laudable charitable goals, Gardner said. No one would doubt that Marc Benioff wants to do good things in the world. It just doesn't seem to prioritize the way the law requires. He wants to do things his way.
The Itep report clearly states that the companies listed in the report are not breaking the law. Tax evasion occurs because Congress chooses to allow it, the report notes, either by enacting special exceptions and waivers from the usual tax rules or by leaving loopholes in place that are clearly being exploited.
Congress is currently considering additional exceptions that could help businesses reduce their tax bills even further for 2022, the report warns.
A bipartisan tax package recently passed by the House of Representatives, which businesses have been pushing aggressively for months, includes a tax break that would allow companies to immediately deduct the costs of research and development conducted in the United States.
The Trump tax law requires businesses to spread deductions out over time, rather than claiming them all at once, starting in 2022.
But the tax deal currently under consideration in Congress would reverse this limitation on domestic investments retroactively. That means companies could update their 2022 (and 2023) tax returns to claim billions of dollars in new deductions, apparently to reward them for their investments in research and development, even though the only thing that would have changed is the text of the tax code.
By definition, extending them back in time cannot encourage a dime of additional research, Gardner said.
Although the limited information provided by companies makes it difficult to determine precisely how much money companies could recover, available data suggests that this simple retroactive policy change could potentially save some companies billions of dollars and that profits would be extremely concentrated in the hands of one company. very small number of companies, Gardner said.
Meta, for example, may be able to reduce its tax bill by nearly $6.5 billion, according to the report, which would bring its average effective tax rate below 0% over the five-year period of the study. Microsoft could potentially save a similar amount.
I always come back to this social contract of our company with the world around us, Microsoft CEO Satya Nadella told Just Capital in 2020. You can't exist if everything you do is for yourself. Profit [comes] because of the greater surplus you create around you.
The whole point of having a tax system is to fund all the important services we need, Gardner said. Healthcare isn't sexy, is it? Education is not sexy. Making sure we have the money we need to defend ourselves as a nation is not sexy. But these basic living needs are why we have a tax system.
Sources 2/ https://www.theguardian.com/business/2024/feb/29/trump-tax-cuts-us-companies The mention sources can contact us to remove/changing this article |
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