Apparently, the federal corporate tax rate has less substance than a puff of smoke. Last year, at least 55 of the nation's 500 major companies paid zero percent -- or less. A number of these companies also enjoyed tax breaks.
That's according to a report published yesterday by a left-leaning research group, the Institute on Taxation and Economic Policy, which analyzed the largest 500 publicly traded corporations to come up with its numbers.
On Wednesday, Biden railed about this magically-disappearing tax burden using a different, previous report saying that the corporate freeloaders numbered 91.
“That’s just wrong,” Biden said. “A fireman and a teacher paying 22 percent? Amazon and 90 other major corporations are paying zero in federal taxes? I’m going to put an end to that.”
Biden plans on raising the corporate tax rate to 28 percent to fund infrastructure improvement. That's still significantly below the 35 percent rate from before Trump took office.
At this moment, the tax rate is 21 percent. At least, in theory.
https://thehill.com/policy/finance/546191-55-major-companies-paid-zero-federal-income-tax-in-2020-watchdog?fbclid=IwAR0rbiUa6H9wg5YMxVTcwCeHsX_1VBfFQvWTQ1Kj6GZ__z4Yto0VzfAjewU
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