Trump gave top US firms staggering tax cuts, with some paying $0 or less – report
Trump gave top US firms staggering tax cuts, with some paying $0 or less – report
Among lowest taxpayers were companies whose CEOs have become high-profile advocates for corporate social responsibility
Among lowest taxpayers were companies whose CEOs have become high-profile advocates for corporate social responsibility
Some of the US’s most profitable corporations, including General Motors, Citigroup and Netflix, have slashed their tax bills in the years since the passage of the Trump tax cuts, with nearly a quarter paying rates in the single digits and 23 paying nothing, a report has found.
The 2017 law cut the top corporate income tax rate from 35% to 21%. But the new assessment of corporate tax avoidance, published on Thursday by the non-profit Institute on Taxation and Economic Policy (Itep), found that during the first five years the law was in effect, many profitable public companies in the US paid a far lower rate in practice.
In 2020, Marc Benioff, the co-founder and CEO of Salesforce, declared to the New York Times that “it’s time for a new kind of capitalism: stakeholder capitalism, which recognizes that our companies have a responsibility to all our stakeholders”.
And how is our current system not already an extreme version of this???
70Shareholders aren't the same as stakeholders. Shareholders are always stakeholders, but stakeholders aren't always share holders.
Stakeholders are people with any kind of interest in the company doing well, this includes people like employees, suppliers, and customers. Basically anyone that benefits from a business doing well.
I feel like he might be arguing for the kind of change that the current "anything to keep the stock price going up so the shareholders stay happy" model desperately needs.
Probably a bunch of lipservice to keep shareholders happy by addressing risk that they all foresee....namely the shifting temperament towards large corporations by the people who's value is being stolen for shareholders gains.
42Probably a bunch of lipservice to keep shareholders happy by addressing risk that they all foresee....namely the shifting temperament towards large corporations by the people who's value is being stolen for shareholders gains.
I'd say you're probably right about that, especially considering that's the CEO who's building a doomsday bunker with a flammable moat, right next to zuck in Hawaii.
3Stakeholders are people with any kind of interest in the company doing well
Corporate social responsibility as a concept is even broader than that -- it's not just anyone who has interest in the company doing well, but broad consideration of anyone impacted by the decisions of the company.
A company might be able to save operational costs by dumping toxic sludge in a river, but within a CSR framework, people living downstream would be considered stakeholders and the potential negative impact of the decision on those people is supposed to be taken into account when decisions are made. The corporation is supposed to have a responsibility to do right by anyone impacted by their actions wherever possible.
At least that's the theory. It shouldn't be surprising that the language of CSR gets pretty commonly coopted by companies looking to whitewash what they're actually doing.
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Because it will never be enough
22The only thing they want is to extract all value that could possibly exist, and horde it all for themselves.
It's a perfectly reasonable, totally-not-insane-whatsoever, way to conduct oneself on the only spaceship hospitable to human life, in a mostly-empty universe of extremely limited resources.
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These clowns are totally delusional!
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How much the top 25 companies
saved in taxesstiffed the public fundsBank of America $23.89 billion
AT&T $17.68 billion
J.P. Morgan Chase & Co. $16.69 billion
Verizon Communications $13.68 billion
Apple $9.26 billion
General Motors $6.52 billion
Citigroup $5.88 billion
Walt Disney $5.09 billion
NextEra Energy $4.57 billion
Duke Energy $4.51 billion
Comcast $4.36 billion
Walmart $4.04 billion
T-Mobile US $3.84 billion
Southern $3.41 billion
United Parcel Service $3.32 billion
Nike $3.12 billion
PNC Financial Services Group $3.08 billion
Netflix $2.98 billion
Texas Instruments $2.92 billion
Charter Communications $2.75 billion
Kinder Morgan $2.75 billion
FedEx $2.66 billion
Dominion Energy $2.62 billion
DISH Network $2.60 billion
Principal Financial $2.47 billion
5323 corporations, including T-Mobile US and Xcel Energy, paid zero (or less) federal income tax over the five-year period
So... Does that mean they paid zero taxes and got a return? How the hell do you pay less than zero dollars in taxes?
42Yep, you got it. Tax credits for things like RnD and green initiatives, depreciation of assets like buildings and machinery , and the evergreen strategy of exploiting tax loop holes
39Unfortunately many large corporations actually get money from the gov rather than pay. Negative tax is a real thing and only takes a quick search to find corps that's very profitable actually getting paid billions by the government.
Like these companies got money from gov while being profitable. https://www.usatoday.com/story/money/markets/2016/03/07/27-giant-profitable-companies-paid-no-taxes/81399094/
It fluctuates quite a bit from year to year as grants and various benefits change every year.
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The industries enjoying the lowest five-year effective tax rates were utilities (negative 0.1 percent); oil, gas, and pipelines (2.0 percent); motor vehicles (3.2 percent); and telecommunications (7.7 percent).
Most of which are actively destroying the earth. Probably a coincidence.
31I sure am glad we gave those companies tons of taxpayer money through the infrastructure and climate bills, I'm sure they will only use those funds to make the country a better place for all of us to live /s
4Just the lobbyists that spent the most money, and have some of the most money to spend. Pure coincidence I'm sure. Time for legislators to start wearing garb like racecar drivers where you can see who paid them while they vote. Heh can only imagine how busy Trump's would be, not like he'd follow any rule in case it messed up his makeup. Though not like Trump did much himself, was bought for in the house and Senate anyways, he'll still take credit for it all of course.
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I knew this was happening and has been forrrrrever but it still makes me angry every time it comes up
21Because it keeps getting more severe, and more blatant.
"Stakeholder Capitalism”?
It's not enough that they take everything and ruin it, they have to bullshit us overtly so we thank them for it
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Or less... Or less?! So we should pay them?
19Despite their record profits they see fit to drive inflation up and charge customers more.
18That cannot be right, because we still had to bail them out in 2020. Surely Repubs wouldn't give out massive tax cuts to businesses and then also massive handouts to businesses when they are the party of self-sufficiency and accountability? If both those things were true, one must conclude that Repubs are all deceitful and without integrity.
17You figured out the grift: rob the tax coffers, while paying as little as possible yourself. It's always been the Republican plan, kicked into full gear by Reagan. And the way they keep getting away with it is to keep the peasants fighting amongst themselves over social issues: race, sexuality, religion, etc. They're thieves, always have been.
And they're winning. The same strategy has been successful since the beginning of recorded history.
4Self-sufficiency for thee.
Gov't monies for me.
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Remember this was that exciting trump-regime kerfuffle when the tax bill was absolutely the only idea they had (no new medicare, no infrastructure bill, they were a hot mess with no ideas and less sense).
They all heroically came together to shove a huge profit grab through and they didn't even do that right - the . . . rules judge (f**kme I can't think of the title of that role and web searching was zero help. I did find this contemporary recap from CNN that is absolutely a perfect time-capsule of the idiocy and horifying betrayal the corporate news became for trump)
Anyway, they had faxed in hundreds of hand-written items in the margins of the bill to create a superclusterfuck of legislative assault and even the senate rules person had to stiff arm them for a few hours in the middle of the night lest they accidentally give AirForce One to Papa John or some equally fucked up thing.
Only one Republican dissented, Bob Corker, and he did the best that a newly-pithed republican could do at the time, which was reitre and say trump was a loser - but, of course, do absolutely nothing to stop him.
they could have maintained or even increased the effective rate paid by corporations by shutting down special breaks and loopholes in the corporate income tax. But from the very beginning of the debate over the 2017 legislation, it was clear their goal was to allow corporations to contribute less to the public investments and the society that makes their profits possible.
10Is Senate Parliamentarian the title you're looking for?
6Yes! Thank you.
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Air Force One accidentally being bequeathed to Papa John is so damn hilarious I kinda wish it would happen
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OR LESS
9This shit is why I don't pay taxes.
6I'd MUCH rather my Tax Dollars go to THAT then to go to feeding STARVING AMERICAN CHILDREN! I'm Pro Life and trying to Protect The Kids!
4
Good to see ol big ed is doing well for himself.
2Has Biden done anything to change that in 3 years ?
-7The IRA has a provision that ends $0 corporate tax loopholes. If a company does well and they use loopholes to end up with a $0 bill, there's a new 15% minimum tax they have to pay.
6To veto a law he wasn’t president at the time of passing? No.
No, Biden hasn’t vetoed this law passed before he took office. I don’t know why, though. Probably because he’s so durn terrible and what-all?
6
But has the current president done anything worthwhile to correct this situation?
Why should I vote for the current president if he’s just going to continue Trump’s policies?
-16"The new year brings higher federal tax burdens for U.S. businesses. The heftier federal tax bills employers face in 2023 are primarily derived from implementation of the 2022 Inflation Reduction Act (IRA) and the phasing out of temporary provisions in the 2017 Tax Cuts & Jobs Act (TCJA). While the federal government is imposing a larger burden on businesses, state-level tax cuts that recently kicked in are providing countervailing relief in many parts of the country. In fact, 2023 began with business tax reduction of some form taking effect in many states."
" -Imposing a selective 15% corporate minimum tax rate for companies with higher than $1 billion of annual financial statement income – $222 billion
-Increased tax enforcement – $181 billion[7][38] Imposing a 1% excise tax on stock buybacks – $74 billion " https://en.m.wikipedia.org/wiki/Inflation_Reduction_Act
This clearly is not a full solution but a start. Getting bills to pass is tough when the Congress is majority against you
5Hey Sean, don’t you have an AM radio show to do?
3Y’all downvote and make jokes, but you haven’t provided me with any counter to my point.
What are you gonna say? “Trump bad”?
If Trump is bad and his policies are bad, why isn’t Biden crushing them? Why is it that Janet Yellen, just last month, stated Biden’s intent to continue Trump’s policy?
Y’all are twisted.
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The IRA has made it impossible for large profitable companies to pay $0 in taxes. They're now subject to a 15% minimum tax even if their tax burden could be $0 by using loopholes.
Currently it just applies to large corporations making a ton of money, but it would be easy enough to widen the net.
So remember, Trump made some billionaire CEOs and companies pay $0 in taxes. Biden made them pay 15%. There's your reason to vote for him.
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