I'm sorry; this post isn't a "tips and tricks" section for regular people, like you and me, to avoid paying taxes. This is a short report on how Donald Trump made it possible for large corporations to pay no taxes at all on their profits in 2020.
Image by 401(K) 2012 - source: Flickr
Do you remember that big news last year, about how Donald Trump paid only 70 dollar in taxes over the years 2016 and 2017? And how he managed to pay no income tax at all in 10 of the previous 15 years? And do you remember that it took multiple lawsuits to get him to hand over his tax-returns, something that's never been a problem for any other president of the United States? And lastly: do you remember how delighted his followers were when he pushed through the "The Tax Cuts and Jobs Act" in 2017, reforming individual and business taxes and significantly lowering marginal tax rates and cost of capital? It was the largest overhaul made in the last 30 years after all, so I'm sure you all remember...
What Trump's followers missed, was that most of the tax benefits for individuals were set up to expire, while the benefits for the wealthy, banks and corporations were permanent. The ridiculous idea that "taxation is theft" is so deeply believed in America, that it seems that any news about tax cuts is celebrated, even if after decades of tax cuts, it should be obvious by now that such cuts ultimately benefit the rich alone. Here's a funny detail: corporate tax rate was 35 percent before Obama, and he lowered it to 28 percent. Trump then lowered it further to just 21 percent. And now that Biden proposes to take the corporate tax rate back to 28 percent, Republicans are crying foul... These people are incredible. Still surprised that the income and wealth gap in America is getting bigger and bigger?
So now we get the first results from Trump's tax reforms, and it looks like he managed to grant large corporations the same benefits he himself has enjoyed for so long: 55 of America's largest and most profitable corporations paid 0 taxes in 2020. Nada. That includes Nike, FedEx and Salesforce. In fact, many of them got a tax-refund! What's so frustrating about this, is that there are many Americans who actually believe this is okay. For they believe that taxation is theft... The only theft that's going on my friends is the theft by the rich from the poor, and taxation is the way to redistribute some of that stolen wealth back to the bottom 90 percent income earners. You live in the world's richest country, and it's time you get your fair share of that wealth.
55 Huge Corporations Paid ZERO Taxes
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