Rye Catcher
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- Nov 21, 2019
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No Federal Taxes for Dozens of Big, Profitable Companies
Just as the Biden administration is pushing to raise taxes on corporations, a new study finds that at least 55 of America’s largest firms paid no taxes last year on billions of dollars in profits. The sweeping tax bill passed in 2017 by a Republican Congress and signed into law by President...
www.yahoo.com
My federal Tax this year is a bit short of $20,000; and yet,
"Just as the Biden administration is pushing to raise taxes on corporations, a new study finds that at least 55 of America’s largest firms paid no taxes last year on billions of dollars in profits.
"The sweeping tax bill passed in 2017 by a Republican Congress and signed into law by President Donald Trump reduced the corporate tax rate to 21% from 35%. But dozens of Fortune 500 companies were able to further shrink their tax bill — sometimes to zero — thanks to a range of legal deductions and exemptions that have become staples of the tax code, according to the analysis.
"Salesforce, Archer-Daniels-Midland and Consolidated Edison were among those named in the report, which was done by the Institute on Taxation and Economic Policy, a left-leaning research group in Washington."
The tax reform (LOL) written by the lame duck Congress led by Ryan, and signed by Trump in 2017 is a fraud and a lie to the American people. Once again a lie and effort by Trump and the Callous Conservative to mislead the public is exposed, and to demonstrates the Republican Party is the party of the small tent.
As the national debt continues to grow, fiscal conservatism is another fraud and an example of ther usual sophistry to fool the biddable. It is irresponsible to burden We the People and allow a small elite to thrive on the peoples labor.