Many of Minnesota’s major corporations paid lower tax rates in 2018 than new, dramatically lower corporate tax rates. That was among the findings in an analysis of government filings by the Institute on Taxation and Economic Policy (ITEP).
ITEP, a nonprofit that gathers data to show how “taxes affect public revenue and people of various levels of income and wealth,” examined Securities and Exchange Commission records of 379 corporations nationwide. Its conclusions raise questions about the large, permanent reduction in the U.S. corporate tax rate that was the centerpiece of a major tax overhaul passed by Congress and signed into law by President Donald Trump in 2017. Read more