A newly released Government Accountability Office (GAO) office has revealed that 34% of large, profitable corporations paid nothing in federal income taxes in 2018, the same year that large tax cuts, passed by former President Donald Trump, went into effect.
The GAO report found that in 2017, the average tax rate for companies was 14.6 percent. In 2018, it dropped to 8.9 percent. A similar GAO report in 2016 found that 20% of corporations paid zero in federal income taxes. Comparatively, the average American tax rate is about 14.8%, according to the data site Statista.
While the recent GAO report doesn’t name the companies that paid zero in taxes, a 2022 report from the Center for American Progress found that the telecommunications company AT&T made $29.6 billion in 2021, but paid zero in federal income taxes that same year. Instead, AT&T received a $1.2 billion IRS refund, Common Dreams reported.
Similarly, in late December, the House House Ways and Means Committee released Trump’s tax returns from 2015 through 2020. In three of the six years, Trump’s taxable income was zero. This […]
I believe this is the result of two things: 1: The Citizens United hogwash which the Supreme Court is responsible for, and 2: The inability for each vote to be counted, caused by the Electoral College having too much power over people’s votes.