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<blockquote data-quote="fishtm2001" data-source="post: 4627472" data-attributes="member: 54375"><p>"Beyond wealthy individuals, the Trump tax law also made it easier for big corporations to avoid paying income taxes, now at a 21% rate. Despite making billions in profits, a number of them receive tax rebates exceeding their income tax bills, giving them effectively a negative tax rate. Some of the companies that have done this in recent years according to their public filings include Amazon, General Motors, IBM and Netflix.</p><p>Apple, the most valuable company in the world, has used the the tax code to avoid paying billions in U.S. taxes by deploying a complex setup involving subsidiaries in Ireland.</p><p>More recently, embedded in the $2.3 trillion pandemic rescue package speedily enacted in March is a tax break piggybacked onto the earlier break for “pass-through” companies. Experts say it helps mostly millionaires.</p><p>The new change in the tax code would deliver nearly 82% of its benefits to about 43,000 taxpayers earning more than $1 million yearly, according to an estimate from nonpartisan congressional tax analysts. And it would cost U.S. taxpayers $86 billion this year by reducing tax revenue captured by the government, the Joint Committee on Taxation calculated earlier this year."</p><p></p><p>AP</p></blockquote><p></p>
[QUOTE="fishtm2001, post: 4627472, member: 54375"] "Beyond wealthy individuals, the Trump tax law also made it easier for big corporations to avoid paying income taxes, now at a 21% rate. Despite making billions in profits, a number of them receive tax rebates exceeding their income tax bills, giving them effectively a negative tax rate. Some of the companies that have done this in recent years according to their public filings include Amazon, General Motors, IBM and Netflix. Apple, the most valuable company in the world, has used the the tax code to avoid paying billions in U.S. taxes by deploying a complex setup involving subsidiaries in Ireland. More recently, embedded in the $2.3 trillion pandemic rescue package speedily enacted in March is a tax break piggybacked onto the earlier break for “pass-through” companies. Experts say it helps mostly millionaires. The new change in the tax code would deliver nearly 82% of its benefits to about 43,000 taxpayers earning more than $1 million yearly, according to an estimate from nonpartisan congressional tax analysts. And it would cost U.S. taxpayers $86 billion this year by reducing tax revenue captured by the government, the Joint Committee on Taxation calculated earlier this year." AP [/QUOTE]
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