Des Moines Register: Large Corporations Are Winning Big Under GOP Tax Law
media mentionThe GOP also doesn’t talk about how the biggest winners of the controversial tax law are — surprise — some of the country’s largest, publicly held corporations. They owed nothing on the billions of dollars in profits they earned.
At least 60 companies reported their 2018 federal tax rates amounted to effectively zero or less than zero on income earned by U.S. operations, according to a new report by the Institute on Taxation and Economic Policy. About twice as many companies enjoyed this good fortune compared with previous years, a partial result of the GOP-crafted tax law.
Those identified were “able to zero out their federal income taxes on $79 billion in U.S. pretax income,” according to the report. “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.” Read more