Tax breaks for renewable energy are part of the tax avoidance scheme for several companies, including Qurate Retail, Xcel Energy, DTE, and Duke Energy.
A provision in the Tax Cuts and Jobs Act allowing companies to immediately write off capital investments-the most extreme version of accelerated depreciation-helped several companies reduce their income tax substantially.
Consolidated Edison, Williams, PPL and Sealed Air all used depreciation tax breaks to substantially reduce current income tax expense, as did at least a dozen other companies.
How the CARES Act Creates Zero-Tax Corporations Besides the standard array of tax breaks described above, the 2020 data introduce a new factor driving down corporate tax bills: the CARES Act, ostensibly designed to help people and businesses to stay afloat during the pandemic.
Still No Taxes Under Democrats' Plan Party proposals don't affect main reasons why profitable companies sometimes report no current U.S. tax costs.
The bill doesn't touch the main reasons why profitable companies sometimes don't pay taxes, including accelerated depreciation of investments and tax credits for activities such as research and development.
The bill does strengthen a minimum tax on U.S. companies' foreign profits, but it doesn't include the separate minimum tax that Mr. Biden proposed to limit the number of zero-tax companies.
Monday, September 27, 2021
The List of Companies Paying No Taxes Might Increase Under Biden's Tax Plan
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