Public News Service: 91 Corporations Paid Zero Tax in First Year of New Code
media mentionLINCOLN, Neb. — During the first year of the Trump administration’s new tax law, 91 Fortune 500 companies didn’t pay a dime in federal income tax, according to a new study by the Institute on Taxation and Economic Policy…
Roque says outside of a few one-time bonuses, wages for most workers have not gone up, and most companies used the extra cash to buy back stocks, not open new factories. She says if corporate tax avoidance continues, there could be across-the-board cuts in public investments in highways and public transportation, health care and education.
“Ultimately when corporations don’t pay their fair share, middle-class Americans have to pay more,” says Roque. “And that’s either in increase in taxes or a lower amount of public services, and a lower quality of public services.”