Of course, many corporations pay no federal income taxes at all. The Trump tax cut doubled the number of companies that had an effective 0% tax rate, according to the Institute on Taxation and Economic Policy (ITEP), while giving the vast majority of Fortune 500 companies an average federal tax rate of 11.3% the year it went into effect.
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The New York lawmakers claimed that a full repeal would ensure “that New York State middle-class families were not taxed twice on their income.” But an analysis by ITEP found that 86% of the benefits of repealing the SALT cap would go to the richest 5% of the population. In New York, 83% of residents earning under $100,000 would get no benefit at all while the other 17% would gain, on average, about $190 per year. Read more
