The data, released on Thursday by Senate Finance Committee Chair Ron Wyden, a Democrat from Oregon, showed that in 2019, between 100 and 125 companies with an average net book income of $8.9 billion paid an average effective tax rate of 1.1%.
The analysis of the data was done by the Joint Committee on Taxation, a nonpartisan entity within Congress. The JCT’s analysis looked at companies that reported an excess of $1 billion in income, as publicly reported in financial statements. They also compared that to the cash tax paid, based on what companies filed in tax returns.
Wyden had requested the JCT study. He and colleagues in the Democratic party are pushing to impose a minimum of 15% tax on profits that billion-dollar companies earn. “Our corporate minimum tax is a back-stop to ensure that the most profitable mega-corporations are not paying no taxes at all while reporting record profits to their shareholders,” Wyden said in a statement to MarketWatch.
“The American people are with us here. When you talk to working folks, nothing makes their blood boil like the most profitable mega-corporations paying little to no taxes,” he added.Mike Crapo, a Republican Senator from Idaho who is a ranking member of Wyden’s committee, said that any increases in the corporate tax rate would filter down to workers, to capital, and to shareholders, including those who invest in pension plans and 401s.
TheMaverickWS Not only you cannot fight the FED, you also cannot fight the super rich
TheMaverickWS Based on the story, it appears this is being driven mostly by accelerated depreciation on equipment purchases, which is a common tax law across even progressive European countries. So these companies are doing exactly as the law intends. Investing in equipment.
Should we criticize how poorly government spends tax dollars Why in the world should we break our backs to have our salaries ripped in half and have enormous debt…. Criticize the gvt, they can’t save or create . Just spend. Let the people create and innovate as always.
TheMaverickWS This has to happen whether it crashes the economy or not! This is justice for all America! This is the only sacrifice American’s need to make in order to reign in corporate power and greed! We all will suffer, but it is the right thing to do! No loopholes = pay off US Dept.
TheMaverickWS Hey, who can blame them? Nobody actually enjoys paying taxes.
TheMaverickWS Massive tax breaks and credits, then they get giant subsidies of taxpayer money from the useless elite
TheMaverickWS All the DNC donors
TheMaverickWS Can I pay the same too?
Who makes the laws so that this is a reality?
TheMaverickWS And any increase in that will just get passed to the consumer. Hurting the poor and middle class.
TheMaverickWS C’mon folks are you really surprise. This is a hallmark trait of an Oligarch economic system.
USTreasury should be collecting back taxes IRS_CI 2020-002634/2020-007235 TIGTA TRN-2009-0433 TIGTA TRN-2003-0591
It's makes their blood boil SO MUCH they just modified a tax bill to help them out. Please, these Neo-Cons couldn't care less about the corporate tax rate as long as the checks clear.
You can't defend the indefencible
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