Business Insider: Here’s how President-elect Joe Biden’s Corporate Tax Plan Will Impact Big Businesses
media mentionBut even with an increased tax rate, big companies could still manage to pay $0 in federal taxes due to tax code loopholes and tax breaks. Under President Donald Trump, an analysis by NBC News and the nonprofit Center for Public Integrity found twice as many big companies — including Amazon, Netflix and Chevron — paid $0 in taxes in 2018.
Another analysis, conducted by the nonpartisan Institute on Taxation and Economic Policy, found that after Trump lowered the corporate tax rate to 21% from 35% in 2017, the average federal tax rate plummeted to 11.3% for about 400 large companies in 2018, tumbling to a 40-year low.