55 Major Corporations Paid $0 In 2020 Federal Taxes

[ouch]

Gives ya that warm and fuzzy feeling doesn't it?


55 Major Corporations Paid $0 In 2020 Federal Taxes | The Daily Caller
The Fortune 500 corporations, including Nike, Salesforce, Dish Network and FedEx, were able to leverage tax breaks in the Tax Cuts and Jobs Act (TCJA) of 2017, which lowered the corporate tax rate to 21%, and the 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act, according to the report.

While the 55 companies collectively earned more than $40 billion in profits last year, they paid no federal taxes, the report found. They would have paid $8.5 billion at the current corporate tax rate of 21%.

 

[Peter]

I await all the conservatives on here to claim this is a good thing.

Heaven forbid normal people try and pay less in tax but for billionaires and mega companies it's fine and just shows how smart they are and how much better then everyone else they are.

 

[cpwill]

I await all the conservatives on here to claim this is a good thing.

I'm so old, I can remember when people in the left used to argue that, instead of taking large profits home, corporations should reinvest them.

 

[Neomalthusian]

I await all the conservatives on here to claim this is a good thing.

Whether it's a "good" thing or not, what does it matter what the corporate tax rate is if it's not ultimately going to be applied or raise much revenue?

To me it begs the question of why we should even attempt to tax corporate income at all, rather than applying it at some other point, such as when it becomes earned by individuals. If we could be effective at taxing individual income and capital gains, why not just do that?

 

[Kushinator]

I'm so old, I can remember when people in the left used to argue that, instead of taking large profits home, corporations should reinvest them.

What happened to private domestic investment following the Trump tax cuts? If you need me to remind you, I can pull up the data in less than a minute.

But this question is for you to answer... Since you brought up investment.

So...?

 

[Peter]

I'm so old, I can remember when people in the left used to argue that, instead of taking large profits home, corporations should reinvest them.

They can still do that when they pay tax.

 

[Peter]

Whether it's a "good" thing or not, what does it matter what the corporate tax rate is if it's not ultimately going to be applied or raise much revenue?

To me it begs the question of why we should even attempt to tax corporate income at all, rather than applying it at some other point, such as when it becomes earned by individuals. If we could be effective at taxing individual income and capital gains, why not just do that?

I would maybe be for this if more companies were encouraged to sell shares to employees at a discount.

In the UK there's been a recent trend of companies becoming completely employee owned as a tax law has been changed making it a viable option.
I'm unsure why but there's been a rash of construction companies doing so in the last couple of years where a company owner has decided on that rather than sell the company normally.

 

[cpwill]

What happened to private domestic investment following the Trump tax cuts?

What happened to growth after Clinton cut capital gains rates?

 

[Kushinator]

What happened to growth after Clinton cut capital gains rates?

So you won't even respond to my question without trying to deflect. Fitting....

 

[cpwill]

So you won't even respond to my question without trying to deflect. Fitting....

Is this the part where I am supposed to put up an irony meter?

 

[Kushinator]

Is this the part where I am supposed to put up an irony meter?

You made a comment and them I asked a question. You're more than welcome to refuse to answer that question... However... Why do you believe I'll answer your question if you choose to refuse?

So we can dance all you like. Ball is in your court and history is on my side.

Shall we begin?

 

[cpwill]

You made a comment and them I asked a question.

I pointed out that there are, in fact, reasons why corporations would pay no taxes that the very people complaining about them paying no taxes wanted them to do, and Incentivized them to do by offering to let them pay no taxes.

You asked a question intended to shift to a different topic. I responded in kind, though more blatantly, to be obvious.

 

[Neomalthusian]

I would maybe be for this if more companies were encouraged to sell shares to employees at a discount.

In the UK there's been a recent trend of companies becoming completely employee owned as a tax law has been changed making it a viable option.
I'm unsure why but there's been a rash of construction companies doing so in the last couple of years where a company owner has decided on that rather than sell the company normally.

Well there are some clear advantages to equity-based compensation if it could be easily accomplished. But it is fairly complicated. It's easy to want the benefits of ownership without the downsides (e.g., concentration risk). When companies are on a tear, it's fantastic. When a company is getting crushed and its stock price is correspondingly taking a beating, that's often when layoffs are more likely to happen, and if those employees lose not only their income but a ton of their wealth all at the same time, that can be pretty devastating. Ordinary employees (the not-highly-compensated) often can't afford the risks associated with this. They're better off, objectively speaking, settling for a known wage and deferring whatever they can into a diversified mutual fund in their 401k/403b/457 type plan.

If you were offered two jobs, one paid $75,000, and the other said your compensation could be as high as $125,000 or as low as $35,000, which would you take? Most people would take the one that pays $75k.

 

[Kushinator]

You asked a question intended to shift to a different topic. I responded in kind, though more blatantly, to be obvious.

Regardless of what happened during the Clinton administration, we do know that domestic investment didn't materialize as was sold following the Trump tax cuts. So if a policy didn't work, are you now saying we should continue it because private domestic investment increased following the Clinton tax increases?

Face it... the Trump tax cuts were a bust.

 

[joko104]

I await all the conservatives on here to claim this is a good thing.

Heaven forbid normal people try and pay less in tax but for billionaires and mega companies it's fine and just shows how smart they are and how much better then everyone else they are.

Joe Biden promised billionaires to keep it that way. That's when they all declared Biden will be the Democratic nominee and threw BILLIONS in monetary and in-kind contributions his way. At the same time they had their MSM, newspapers and Internet propaganda outlets they own trash Elizabeth Warren as TOO RADICAL!!! and put a cone of silence around Bernie Sanders using 24/7 coverage of covid-19 - making them hundreds of billions and ultimately trillions of dollars - allowing only time to announce Joe Biden will be the nominee.

 

[cpwill]

Regardless of what happened during the Clinton administration, we do know that domestic investment didn't materialize as was sold following the Trump tax cuts. So if a policy didn't work, are you now saying we should continue it because private domestic investment increased following the Clinton tax increases?

Face it... the Trump tax cuts were a bust.

Regardless of what happened after the Trump tax cuts, we do know that reinvestment of profits (along with a host of other things) is generally seen as more palatable to the same folks, who, in order to incentivize it, write tax favorability for doing so into the law, who are also the same people who then complain when companies do what they wanted them to do, with a result that they pay less in taxes.



Face it.... I have no need to instinctively rush to the defense of anything Trump did.

 

[Tbird19482]

It is time to change the tax laws to where these large Corps making over a million dollars in US profits pay something in FIT
we need to have a MIN. income tax ,
it is not right that a person who is retired and on SS pays more in FIT then a Corp. making over a Billion dollars in US profits.
a 2 or 3% min tax with no deductions , no exemptions . nothing
the Corp makes a million in US profits it can well afford to pay 3% in taxes, 30,000 dollars leaving 970,000 dollars after tax profit
there are programs that these corps. use ( one of them is training for their apprentices in their skill trades programs ) to help make those profits. so if they use these programs that are paid for by the FIT they should help fund them and pay something in FIT.
I don't have the info from the GAO any more but before the tax cut they said 42% of ALL corps making over a million dollars in US profits didn't pay even 1 cent in FIT and that they expected that rate to go up to 65% after the tax cut
and some of these corps like Amazon are making multi Billion dollar profits. I think making that much they can afford to pay a 2/3% heck even a 5 or10% min FIT
Have a nice night

 

[Tbird19482]

one more thing
these large corps have millions of shares of stock that these profits pay div, to , a 3% FIT on a million dollars in profits would reduce those div. by a few cents apiece if that so it really wouldn't hurt the stockholder that much
Have a nice night

 

[Phys251]

Gives ya that warm and fuzzy feeling doesn't it?


55 Major Corporations Paid $0 In 2020 Federal Taxes | The Daily Caller
The Fortune 500 corporations, including Nike, Salesforce, Dish Network and FedEx, were able to leverage tax breaks in the Tax Cuts and Jobs Act (TCJA) of 2017, which lowered the corporate tax rate to 21%, and the 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act, according to the report.

While the 55 companies collectively earned more than $40 billion in profits last year, they paid no federal taxes, the report found. They would have paid $8.5 billion at the current corporate tax rate of 21%.

I'd like to tax them their fair share. But I will accept a compromise of returning to Republican President rates. Specifically, the Nixon rates or the Eisenhower rates.

 

[SheWolf]

I'm so old, I can remember when people in the left used to argue that, instead of taking large profits home, corporations should reinvest them.

What’s your point? Isn’t that the only right wing argument there is, great, they should reinvest it in their company?

 

[SheWolf]

Is this the part where I am supposed to put up an irony meter?

So do have you have any comment about corporations paying zero taxes?

 

[SheWolf]

Regardless of what happened after the Trump tax cuts, we do know that reinvestment of profits (along with a host of other things) is generally seen as more palatable to the same folks, who, in order to incentivize it, write tax favorability for doing so into the law, who are also the same people who then complain when companies do what they wanted them to do, with a result that they pay less in taxes.



Face it.... I have no need to instinctively rush to the defense of anything Trump did.

You’re just engaging in word salad and whataboutism. I want to know if you think this is what the GOP should be fighting for, more multi billion dollar companies paying no income tax. Just be straight up honest about it.

 

[joko104]

If you voted Democrat for Biden in the Democratic Primary you voted that billionaires and international billion dollar corporations should pay not taxes. If you wanted the richest people and corporations on earth to pay taxes you would have voted for Sanders or Warren.

 

[AliHajiSheik]

Manufactured outrage produces the expected responses.

 

[ttwtt78640]

Gives ya that warm and fuzzy feeling doesn't it?


55 Major Corporations Paid $0 In 2020 Federal Taxes | The Daily Caller
The Fortune 500 corporations, including Nike, Salesforce, Dish Network and FedEx, were able to leverage tax breaks in the Tax Cuts and Jobs Act (TCJA) of 2017, which lowered the corporate tax rate to 21%, and the 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act, according to the report.

While the 55 companies collectively earned more than $40 billion in profits last year, they paid no federal taxes, the report found. They would have paid $8.5 billion at the current corporate tax rate of 21%.

The federal income tax rate makes no difference when the other (80K?) pages of the tax code can be used to render net income $0 (or less).