Comments by "Kair Idon" (@kairidon3363) on "Biden is not following immigration law on purpose: Rep. Byron Donalds" video.
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@mackattack309 The TCJA slashed the corporate rate by 40 percent, from 35 percent to 21 percent. But the falloff in corporate revenue has been even sharper than expected.
The cost of the corporate tax cut could also swell in the coming years because of the way it was designed. To limit the official cost of the bill, the TCJA’s authors included various provisions to raise corporate tax revenue, partially offsetting the revenue loss from the reduction in the corporate tax rate. For example, the TCJA imposed certain new limits on the deductions that corporations can take for interest expense; the law requires corporations to amortize, or spread out, their research expense deductions over five years, and it implemented a new minimum tax on overseas profits. But these provisions are not fully in effect until 2022 or later. Undoubtedly, corporations that lobbied for the TCJA’s passage will again turn to Congress requesting relief from these delayed revenue-raising provisions.
Researchers at the Institute on Taxation and Economic Policy (ITEP) surveyed corporate financial reports for the first year that the TCJA was in effect and recently published their findings. Examining 379 profitable Fortune 500 companies, they found that the companies paid an average effective tax rate of just 11.3 percent on their U.S. income in 2018—slightly more than half of the 21.2 percent average effective rate that large corporations paid from 2008 to 2015. Shockingly, ITEP found that 91, or nearly one-quarter, of these major corporations paid no federal income tax on their U.S. income in 2018.
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