How FedEx Cut Its Tax Bill to $0 – The New York Times

In the 2017 fiscal year, FedEx owed more than $1.5 billion in taxes. The next year, it owed nothing. What changed was the Trump administration’s tax cut — for which the company had lobbied hard. The public face of its lobbying effort, which included a tax proposal of its own, was FedEx’s founder and chief…

Big businesses paying even less than expected under GOP tax law – POLITICO

Federal tax payments by big businesses are falling much faster than anticipated in the wake of Republicans’ tax cuts, providing ammunition to Democrats who are calling for corporate tax increases.The U.S. Treasury saw a 31 percent drop in corporate tax revenues last year, almost twice the decline official budget forecasters had predicted. Receipts were projected…

Corporate Tax Cuts Don’t Create Jobs, They Enrich CEOs | The Nation

Though congressional Republicans and the White House rarely see eye-to-eye these days, they are united on the idea that cutting corporate taxes will spur an hiring boom that will reach down to the ordinary worker. A new report from the Institute for Policy Studies shows this isn’t true. US companies are already paying minimal amounts…

Is This the End of the Rush to Inversions?

On Tuesday, drugmakers Pfizer and Allergan announced that the two companies terminated their $160 billion merger agreement. The deal would have moved US-based Pfizer’s headquarters to Ireland, where corporate tax rates are lower. New Treasury rules aimed at limiting corporate inversions were introduced just a day prior. https://w.graphiq.com/w/3kvOQlA8bQ1?data-uid=0aba9ffe5e&data-campaign=e4e609d4ea (chart courtesy of Graphiq) Alan Murray writes…

What Fires Anger in Grass Roots America?

What Fires Anger in Grass Roots America? January 28, 2016 Washington – If you want to see what fires the grass roots passion for Donald Trump and Bernie Sanders and the populist rebellion against the U.S corporate and political elite, take a look at the latest case of an American corporation’s gaming the system for handouts…

Pfizer and America’s Corporate Exodus – The New Yorker

James Surowiecki writes in the New Yorker about “inversions” — US companies moving their legal domiciles overseas for tax savings. Two features of American tax policy make inversions attractive: a relatively high corporate tax rate and what’s called a worldwide tax system—American corporations have to pay that tax rate on all their global income. That…