As the day approaches for your taxes to be paid…..I thought you might like to know how much the big corporations pay…..
Did you buy some Nike shoes?
You paid around $12 for a popular model….but that is more than Nike paid in taxes…..
For millions of ordinary people in the U.S., 2020 was a painful year in which loved ones and jobs were lost as a result of the Covid-19 pandemic and its devastating economic repercussions. But for many of the country’s major corporations, last year was a lucrative one—particularly if they were among the 55 companies that paid $0 in federal income taxes on a combined $40.5 billion in profits, as a new study shows.
Released Friday, the report is based on the Institute on Taxation and Economic Policy’s (ITEP) analysis of 2020 financial reports filed by the country’s largest publicly traded corporations.
Instead of paying a collective $8.5 billion in federal income taxes on last year’s profits of $40.5 billion, as mandated by the statutory 21% rate, the 55 companies exploited preexisting loopholes and pandemic-related tax breaks to reduce their tax bills to zero.
Not only did these corporations secure a zero-tax liability, they received a collective $3.5 billion in rebates, bringing the total amount of lost federal revenue to $12 billion. And 26 of them haven’t paid a dime for the past three years, a time period in which the GOP’s “morally and economically obscene” tax cuts for corporations and wealthy Americans have been in effect.
How does that make you feel?
It is time for tax reform as long as we attempt to reform other sectors in the government….taxes on us mere mortals are paying all the bills and the corporations reap benefits from not having to pay what they owe this country.
STOP believing the lies about tax cuts!
Demand that everyone pay their taxes not exceptions!
Turn The Page!
I Read, I Write, You Know
“lego ergo scribo”