Amazon isn’t the only company that paid $0 in federal taxes last year
Thursday, April 18, 2019 | Tag Cloud Tags: News, tax, Trump, Worthy News | Learn about out FREE SYNDICATION
(Worthy News) – Under President Trump’s new tax law, 60 of America’s biggest corporations paid $0 in federal taxes Opens a New Window. in 2018, despite earning billions of dollars in profits.
Amazon, Netflix, General Motors, Chevron, JetBlue, IBM and U.S. Steel were all among the companies that avoided taxes last year using a diverse array of loopholes and tax breaks, according to a new report from the Institute on Taxation and Economic Policy, a nonpartisan think-tank.
The 2017 Tax Cuts and Jobs Act dropped the corporate tax rate to 21 percent from 35 percent, while also keeping intact most of the tax breaks that allow profitable companies to zero out what they owe. [ Source: Fox Business (Read More…) ]
Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.