Salon: Under Trump’s Tax Bill, Employees Pay Higher Rates Than Biggest Corporations in the World: Study
media mentionWorkers at some of the biggest corporations in the world are paying higher tax rates than their employers, according to a new study by the Institute on Taxation and Economic Policy.
The Republican-passed tax cuts signed by President Trump in 2017 permanently lowered the corporate tax rate from 35 percent to 21 percent but many companies are paying nowhere near that figure. The study identified 379 Fortune 500 companies that turned a profit in 2019 and found that the companies paid an average tax rate of 11.3 percent.