(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…) ]
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