At least 55 major profitable companies didn’t pay any federal corporate income taxes last year, according a report by the left-leaning Institute on Taxation and Economic Policy (ITEP).
The group faulted the GOP tax cuts passed in 2017 as well as tax breaks enacted in the first major coronavirus relief bill passed early last year as contributing factors.
“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 Cuts and Jobs Act (TCJA) as well as the CARES Act tax breaks enacted in the spring of 2020,” the group wrote in its report on the findings.
Read more at The Hill.
{Matzav.com}
The unpaid taxes were not the result of illegal maneuvers, but rather the result of legal incentives for companies to spend and invest money in certain ways.
Just like the stimulus and Biden’s infrastructure plan.
What are they complaining about ? If trillions of dollars can be spent for anticipated outcomes why not give tax breaks for the same reasons?
The hypocrisy of liberal politicians complaining about big business not paying taxes is astounding.
Obama blowing half a BILLION dollars on Solyndra (which went bankrupt after they got the money) unsuccessfully trying to produce clean energy? No problem..
Big business taking advantage of energy credits not to pay taxes? Outrage!!!
So why does Warren Buffett’s secretary pay more in taxes than he does?