kemmer wrote:
55 of the largest corporations in America didn't pay one dime in taxes last year.
Who prepares the “exception rules “ in tax laws?? How long have these laws been in effect and utilized by many a corporation of the last say 30 years especially???
Good you know of it, bad you know nothing in its operative mode and for how long its been going on...
Hey, how bout that big badass rally yesterday??? Yeah, I remember your remarks..What happened??? Lolol
Anyway back to this...
With Republicans criticizing the corporate tax hike proposed by President Joe Biden to fund his infrastructure plan, Biden pushed back during remarks on his proposal, the American Jobs Plan.
Biden framed the issue as one of fairness, with big corporations not paying their fair share.
"A new, independent study put out last week found that at least 55 of our largest corporations use the various loopholes to pay zero federal income tax in 2020," Biden said in his April 7 remarks. "It's just not fair. It's not fair to the rest of the American taxpayers."
We found that Biden’s statement is supported by a recently released study from a liberal group, though that study’s methodology has its critics.
We didn’t hear back from the White House, but Biden’s remarks make clear that he was referring to an April 2 study by the liberal-leaning Institute on Taxation and Economic Policy. That study, which had received wide media coverage in recent days, found that "at least 55 of the largest corporations in America paid no federal corporate income taxes in their most recent fiscal year despite enjoying substantial pretax profits in the United States."
The list of 55 companies is sprinkled with well-known names, including FedEx, HP, Nike, Salesforce and XCel Energy.
Collectively, the study concluded, the companies earned $40.5 billion in pretax income in 2020 and would have paid taxes amounting to $8.5 billion had this income been taxed by at the standard 21% corporate rate. In reality, the companies collectively received rebates from the federal government worth $3.5 billion.
The study cited several tax laws that helped protect these companies’ income from taxation, including those governing the tax treatment of executive stock options, research and experimentation, renewable energy, deductions for capital expenses, and the reallocation of losses to different tax years.
Some observers told PolitiFact that they took issue with Biden’s characterization of such laws as "loopholes." Reasonable people can disagree over the wisdom of a given tax provision, but they were "deliberate policy choices, not rifle shots," said Douglas Holtz-Eakin, president of the center-right American Action Forum. (Snip)
https://www.politifact.com/factchecks/2021/apr/12/joe-biden/fact-checking-joe-biden-corporation-taxes/