YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
Despite earning billions of dollars worth of profits, 60 American corporations did not pay federal taxes last year.
A new report from the nonpartisan think-tank Institute on Taxation and Economic Policy found Amazon, Netflix, General Motors and Chevron were among corporations that didn't pay taxes last year.
The 2017 Tax Cuts and Jobs Act moved the corporate tax rate to 21% from 35%, while keeping in place tax breaks allowing profitable companies to zero out what they owe, Fox Business reports.
“The result, unsurprisingly, has been a continued decline in our already low corporate tax revenues: In fiscal 2018, U.S. corporate tax revenues fell by 31%, according to U.S. Treasury data,” Institute on Taxation and Economic Policy officials said. “This was a more precipitous decline than in any year of normal economic growth in U.S. history.”
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