Public News Service: Report: Many Big Companies Pay Nothing Under New Tax Law
media mentionHELENA, Mont. – 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. That’s according to a new study by the Institute on Taxation and Economic Policy.
Report co-author and Policy Analyst at the Institute Lorena Roque says by using legal loopholes, corporations avoided paying $74 billion into the nation’s coffers in 2018 alone.
“When we get our paychecks every two weeks, we see how much is deducted in taxes,” says Roque. “And so, when we hear news that corporations are paying zero, we kind of question, ‘Why am I being taxed more than these companies that are worth millions of dollars?'”