Salon: Key Democrats want to keep most of Trump’s corporate tax cut — and slash more taxes for the rich

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

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