The average effective tax rate, or the proportion of income paid after tax breaks, among profitable major firms dropped from 15.7 percent in 2014 to 8.9 percent in 2018, according to a new study (pdf) by the Government Accountability Office (GAO). Despite lower rates, tax contributions from large profitable companies increased from 2016 to 2018, due…

News Analysis The tax reforms of 2017 made substantial changes to business taxes, including a permanent reduction of the corporate income tax rate, from 35 percent to 21 percent. Starting this year, however, some provisions of the tax law will expire, which will have an impact on corporate investment decisions. While Republicans want to maintain…

News Analysis The tax reforms of 2017 made substantial changes to business taxes, including a permanent reduction of the corporate income tax rate, from 35 percent to 21 percent. Starting this year, however, some provisions of the tax law will expire, which will have an impact on corporate investment decisions. While Republicans want to maintain…

Democratic leaders at both ends of Pennsylvania Avenue in the nation’s capital declined to comment on a new analysis of IRS data showing former President Donald Trump’s 2017 tax cuts benefitted middle-class taxpayers significantly more than those in the top income brackets. “According to data from the U.S. Internal Revenue Service comparing outcomes from 2017…

Democratic leaders at both ends of Pennsylvania Avenue in the nation’s capital declined to comment on a new analysis of IRS data showing that former President Donald Trump’s 2017 tax cuts benefited middle-class taxpayers significantly more than those in the top income brackets. “According to data from the U.S. Internal Revenue Service comparing outcomes from…