Detroit Metro Times: Five Top Michigan Corporations Paid $0 in Taxes

ou may have paid federal taxes, but four Fortune 500 companies in Michigan did not. In fact, they received hundreds of millions of dollars in refunds collectively.

DTE Energy, Penske Automotive Group, Whirlpool, and General Motors are among 60 corporations nationally that paid $0 in federal taxes in 2018 despite billions in profits.

That’s partly a result of Trump’s 2017 rewrite of the tax code, which cut the corporate tax rate while leaving in place or creating large loopholes. While large corporations and wealthy individuals got a tax cut, many lower and middle class individuals’ taxes went up.

According to an analysis by the nonprofit, nonpartisan Institute on Taxation and Economic Policy, General Motors paid no taxes on $4.3 billion in profits, Penske recorded $393 million in profits, Whirlpool had $717 million in profits, Consumer’s Energy had $774 million in profits, and DTE Energy recorded $1.2 billion in profits. Read more

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