Trump Fraud: 55 of America’s Largest Companies Paid NO Taxes on 77 Billion in Earnings

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  • A new report from the Institute on Taxation and Economic Policy found that 55 large U.S. companies paid no federal taxes last year 
  • They have used a mix of the Trump tax break, which cut corporate tax rate from 35% to 21% as well as legal deductions and exemptions to get their taxes to $0
  • The report found that 26 of these companies have paid nothing over the last three years despite earning and income of $77 billion
  • FedEx earned $6.8 billion over three years of Trump tax cuts but was able to escape taxes due to loopholes and ended up with a tax rate of -12.8% 
  • Nike earned $4.1 billion in 2018, 2019 and 2020 but had an effective tax rate of -18.0% 

Daily Mail: Some of America’s largest companies paid no federal taxes last year despite making billions in revenue.

In 2017, then-President Donald Trump signed a new bill law that slashed the corporate tax rate from 35 percent to 21 percent.

But some companies have been able to pay $0 due to legal deductions and exemptions despite enjoying incomes in the billions.

A total of 55 companies were named in the report, done by the Institute on Taxation and Economic Policy (ITEP) representing industries such as telecommunications, utilities and computers.

A further analysis found that 26 of those companies, including FedEx and Nike, have paid no federal income tax for at least three years due the Trump tax cuts.

It comes as President Joe Biden currently proposes raising the corporate tax rate up to 28 percent.

https://www.dailymail.co.uk/news/article-9430419/Americas-largest-companies-paid-NO-tax-year-26-paid-past-three-years.html

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5 COMMENTS

  1. Simple math. If a decent size town of 25,000 vehicles pay a low average of 1500 per year in auto insurance over a 30 year period, and of those a high average of 400 people at one time or another during the 30 year period file and receive claims at a high average of 90,000 apiece,…
    Total payments : 1 billion 125 million
    Total Claims : 36 million
    Total payments for one year: 37 million (29 of the 30 are profit)
    American people think by the week and month. Actuaries think by the decade, and advise to keep people thinking by the week and month. Do HS math teachers know this ? Will this question ever be on a test ? And this is just auto insurance, homeowners is equally profitable if not more. And what of health ? And Business ? And churches ?
    The commercials ought not be let past your brains defenses. No lizards pass through here.

    • The easy for anyone to do activism, is to simply check with your local fire department to get estimates of yearly claims on homeowners and auto. Do simple math, and say something.
      Most town and city populations are accurate and online.

  2. When the police pull you over, and say they are just following the law and had no choice, they are lying. When the priest tells you there is only one way to heaven, they are lying. When the assessor tells you, there is nothing they can do, they are lying. When the teacher tells you , you need a college education, they are lying. When the military tells you, you will be fighting for freedom, they are lying. And if anyone tells you, the economy works better for all, if the top 10% get wealthier, they are lying and proving all the other lies above. And if you may think they do not know they are lying, then you are lying to yourself. This is the game of pretend.

    • When Uncle Shmuel tells a teacher and his wife that they have to fork over 22% of their income to him… He’s not lying. Keep feeding the beast…

  3. Trump: “We’re going to close those loopholes and make these companies pay their fair share” was the mantra to get his corporate welfare bill passed. Well, looks as though his proclamation was as good as the rest of his BS promises. We get beans and weenies, they get caviar. At least he gave Israel gifts they could only have dreamed of before.

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