Common Dreams - Large, profitable U.S. corporations have seen their effective tax rates fall by more than 40% since Republicans and their presumptive 2024 presidential nominee, Donald Trump, rammed through an unpopular law that they want to preserve and extend. According to a new report published Thursday by the Institute on Taxation and Economic Policy, the tax rates paid by big and consistently profitable corporations dropped from 22% to 12.8% after the enactment of Trump's tax law, which slashed the statutory corporate tax rate from 35% to 21%. "In 2017, Congress and President Trump had a chance to reform our corporate tax system," Matthew Gardner, a senior fellow at ITEP and co-author of the new report. "Instead, they just gutted it."
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