Telling you that Donald Trump lied, or that the one percent continue to succeed in their incessant class warfare, ranks in the astonishment department with being told the Sun rose in the east this morning. Do we really need more evidence?
Necessary or not, more evidence continues to be delivered. The latest delivery comes courtesy of the Institute on Taxation and Economic Policy, which has found that 60 of the largest corporations in the United States paid no income taxes for 2018 despite earning a composite $79 billion in net income. Worse, these companies actually received $4.3 billion in tax rebates.
Had these companies paid taxes at the newly reduced corporate tax rate of 21 percent, these companies would have paid $16.4 billion in taxes. So we have a difference of more than $20 billion — quite a nice return on their lobbying expenses and donations to the Trump campaign.
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