Now a new report underscores yet another way in which Trump’s tax law represents a profound betrayal of that spirit. As the report puts it:For most of these companies, their effective federal income tax rate was much lower than the statutory corporate tax rate of 21 percent. The report says:Several breaks and loopholes allow companies to report taxable income that is much smaller than their actual income. It’s often been observed that Trump’s tax law was not tax reform; it was largely a tax cut. This gives Democrats a major opening, not just to promise to undo Trump’s regressive tax cuts and campaign for a more progressive tax code — something that Sens.

Source: Washington Post December 16, 2019 19:55 UTC