President Biden cites study saying 55 big U.S. firms paid no fed taxes
President Biden cited a study that said 55 major U.S. firms paid no federal income taxes last year. Is he right?| USA TODAY
President Biden cited a study that said 55 major U.S. firms paid no federal income taxes last year. Is he right?| USA TODAY
With Republicans criticizing the corporate tax hike proposed by President Joe Biden to fund his infrastructure plan, Bid| @politifact
The nation’s corporate tax system has been dysfunctional for decades. Unfortunately, the recently enacted Tax Cuts and Jobs Act (TCJA) fails to solve fundamental problems facing the corporate tax and, in some ways, makes these problems even worse.| ITEP
Read as PDF Note: This report is adapted from written testimony submitted by Amy Hanauer before testifying in person to…| ITEP
Congress permitted full expensing only for five years, which will encourage businesses to speed up investments they would have made later. Republicans in Congress have discussed making the expensing provision permanent. This report argues that Congress should move in the other direction and repeal not just the full expensing provision but even some of the permanent accelerated depreciation breaks in the tax code, for several reasons.| ITEP
The stock option rules in effect today create a problem because they allow corporations to report a much larger expense for this compensation to the IRS than they report to investors. The result is that corporations can report larger profits to investors but smaller profits to the IRS, undermining the fundamental fairness of the tax system.| ITEP
At least 55 of the largest corporations in America paid no federal corporate income taxes in their most recent fiscal year despite enjoying substantial pretax profits in the United States. This continues a decades-long trend of corporate tax avoidance by the biggest U.S. corporations, and it appears to be the product of long-standing tax breaks preserved or expanded by the 2017 tax law as well as the CARES Act tax breaks enacted in the spring of 2020.| ITEP
