The USA is a democratic society with a government we vote on year after year. The federal tax system is the revenue backbone for our framework of institutions and programs promoting the safety and well-being of our shared communities. When I pay my taxes each year, I celebrate the many freedoms I enjoy and I feel patriotic about what I’m asked to contribute. So I’m enraged by and ashamed of the greedy companies who do everything they can to avoid contributing their fair share to the country that fosters their prosperity.
From 2018 (the year after the corporate tax rate was cut from 35% to 21%) through 2022, 342 companies in an Institute on Taxation and Economic Policy study paid an average income tax rate of just 14.1%. Almost a quarter — 87 of them — paid effective tax rates of under 10%. Fifty-five of them, including T-Mobile, DISH Network, Netflix, General Motors, AT&T, Bank of America, Citigroup, FedEx, Molson Coors and Nike, paid effective tax rates of less than 5%. Twenty-three corporations, all of them profitable, paid no federal tax over the five-year period. One hundred and nine corporations paid no federal tax in at least one of the five years.
Hopefully, the additional IRS funding from the Inflation Reduction Act of 2022 will expose and eliminate the cheating of these corporate welfare recipients.
Patty Bruce
Westbrook
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