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Dems Plan To Raise Taxes
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<blockquote data-quote="fishtm2001" data-source="post: 4884059" data-attributes="member: 54375"><p>Last year’s <a href="https://fortune.com/2020/03/27/trump-signs-2-2-trillion-stimulus-coronavirus-package/" target="_blank">$2.2 trillion CARES Act</a> coronavirus relief bill also provided a new avenue for tax avoidance, according to ITEP, by including a provision allowing corporations to “carry back” losses to offset taxable profits in previous years. The think tank estimated that the 55 companies that avoided federal income taxes in 2020 “enjoyed at least $500 million of tax brakes last year from the CARES Act provision liberalizing loss carrybacks.”</p><p></p><p>If those 55 companies had paid the statutory 21% corporate tax rate on their 2020 profits, their collective tax bill last year would have amounted to $8.5 billion, ITEP said. Instead, they received a combined $3.5 billion in tax rebates.</p></blockquote><p></p>
[QUOTE="fishtm2001, post: 4884059, member: 54375"] Last year’s [URL='https://fortune.com/2020/03/27/trump-signs-2-2-trillion-stimulus-coronavirus-package/']$2.2 trillion CARES Act[/URL] coronavirus relief bill also provided a new avenue for tax avoidance, according to ITEP, by including a provision allowing corporations to “carry back” losses to offset taxable profits in previous years. The think tank estimated that the 55 companies that avoided federal income taxes in 2020 “enjoyed at least $500 million of tax brakes last year from the CARES Act provision liberalizing loss carrybacks.” If those 55 companies had paid the statutory 21% corporate tax rate on their 2020 profits, their collective tax bill last year would have amounted to $8.5 billion, ITEP said. Instead, they received a combined $3.5 billion in tax rebates. [/QUOTE]
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