MSNBC: Many Corporate Giants (Once Again) Paid No Federal Income Taxes
media mentionA couple of years ago, the Institute on Taxation and Economic Policy released the results of a detailed study that found of the Fortune 500 companies, about 400 paid an average tax rate of about 11% — roughly half of the current rate of 21% — thanks to a series of loopholes, exemptions, and giveaways Republicans made no effort to address in the “tax reform” package.
To understate matters, the tax landscape hasn’t improved. The Washington Post reported this morning:
Fifty-five of the nation’s largest corporations paid no federal income tax on more than $40 billion in profits last year, according to an analysis by the Institute on Taxation and Economic Policy, a progressive think tank. In fact, they received a combined federal rebate of more than $3 billion, for an effective tax rate of approximately negative 9 percent.