The Largest Corporations Paid No Taxes Last Year — Now Trump Wants To Give Them Another Tax Cut
December 17, 2019
Trump’s tax law gave massive tax breaks to big corporations, while leaving working families with the bill. Now, we learn that instead of doing more to help working families, Trump wants to cut corporate taxes even further.
Trump slashed corporate taxes from 35 to 21%. But the largest corporations paid less than half of that last year, and many paid no taxes at all.
CNBC: “These 91 companies paid no federal taxes in 2018”
Washington Post: “About 400 of America’s largest corporations paid an average federal tax rate of about 11 percent on their profits last year, roughly half the official rate established under President Trump’s 2017 tax law, according to a report released Monday… In the first year of the law, the actual amount corporations paid in federal taxes on their incomes — their so-called ‘effective rate’ — was 11.3 percent on average, possibly its lowest level in more than three decades, according to a report by the Institute on Taxation and Economic Policy, a left-leaning think tank.”
Mick Mulvaney says that if Trump gets reelected he will prioritize cutting corporate taxes even further.
MarketWatch: “President Donald Trump wants to go beyond the corporate tax cuts put in place by the 2017 law, his acting chief of staff said Tuesday when asked about plans if Trump gets re-elected. Mick Mulvaney made the comments at the Wall Street Journal’s CEO Council meeting in Washington. The tax bill Trump signed lowered the corporate rate to 21% from 35%, but said Mulvaney, the president has been ’disappointed’ it wasn’t cut farther.”