President Donald Trump’s new tax law aided corporations so radically that twice as many companies paid no federal taxes whatsoever in 2018, despite billions of dollars in profit, according to a new study. The companies that paid nothing in taxes were “able to zero out their federal income taxes on $79 billion in U.S. pretax income,” according to the study, first reported by the Center for Public Integrity and NBC News. Corporations reaped the benefits of a tax rate slashed from 35% to 21% in Trump’s tax law, and exploited various deductions, tax credits and rebates. The cut in the corporate tax rate alone will save corporations $1.35 trillion over the next 10 years, according to the Joint Committee on Taxation. Trump insisted before his law was passed that the corporate tax cut would pay for itself.

Source: Huffington Post April 12, 2019 12:00 UTC