No Paywall:
"Corporate tax revenue has plummeted under the Trump administration, which has ushered in a series of tax breaks meant to boost capital investments, even as corporate profits have soared.
Treasury Department data released earlier this month showed about a 15% reduction, about $70 billion, in corporate income tax revenue to $381 billion in the fiscal year that ended Sept. 30.
The drop is part of a more than 25% reduction in corporate tax revenue since 2024, when former President Joe Biden was in office."
and
"Rather than blame the more than 100 companies paying nothing in federal income tax, however, it's the hundreds of corporations paying a reduced rate that present the bigger threat to tax revenue, according to Matt Gardner, ITEP senior fellow and coauthor of the report.
The 706 companies saved a total of $198 billion last year as a result of corporate tax subsidies, while the 114 corporations that paid nothing accounted for a fraction of that.
"There's a real concentration of profits at the top, and when those companies pay anything less than 21%, that's really what is knocking a hole in our corporate tax laws right now," Gardner told Fortune.
"Their profits were so huge that their tax avoidance is way more consequential for the federal government's capacity to function than the zero tax corporations are."
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finance.yahoo.com
