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34% of America’s Wealthiest Corporations Paid Zero In Income Taxes, Thanks to Trump



A newly released Government Accountability Office (GAO) office has revealed that 34% of large, profitable corporations paid nothing in federal income taxes in 2018, the same year that large tax cuts, passed by former President Donald Trump, went into effect.

The GAO report found that in 2017, the average tax rate for companies was 14.6 percent. In 2018, it dropped to 8.9 percent. A similar GAO report in 2016 found that 20% of corporations paid zero in federal income taxes. Comparatively, the average American tax rate is about 14.8%, according to the data site Statista.

While the recent GAO report doesn’t name the companies that paid zero in taxes, a 2022 report from the Center for American Progress found that the telecommunications company AT&T made $29.6 billion in 2021, but paid zero in federal income taxes that same year. Instead, AT&T received a $1.2 billion IRS refund, Common Dreams reported.

Similarly, in late December, the House House Ways and Means Committee released Trump’s tax returns from 2015 through 2020. In three of the six years, Trump’s taxable income was zero. This means he paid no income tax in three of the years, and just $750 in 2016.

Sen. Bernie Sanders (I-Vt.), who requested the report’s creation, responded by stating, “While House Republicans want to make huge cuts to Social Security, Medicare, and Medicaid because of their ‘serious concern’ about the deficit, they voted to provide over a trillion dollars in tax breaks to large corporations and the top one percent…. We need to repeal the Trump tax breaks for the rich and demand that the largest corporations in America finally start paying their fair share of taxes.”

Democrats have suggested introducing a minimum corporate tax rate for the wealthiest individuals and corporations, but these groups and Republicans have both opposed them as hostile to “job creators.”

Meanwhile, 63 percent of Americans live paycheck to paycheck and 9.2 percent don’t have health insurance, according to Lending Club and MoneyGeek respectively.

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‘No Silver Lining, No Encouraging Trend for the President’: Pollster Explains How Biden Is Beating Trump by 15 Points



A polling analyst for the highly-regarded Quinnipiac Poll explained how former Vice President Joe Biden is beating President Donald Trump in the latest survey by a whopping 15 points.

“Independents are a key factor behind Biden’s widening lead as they now back him 51 – 34 percent, while in June, independents were split with 43 percent for Biden and 40 percent for Trump,” Quinnipiac reports. “There is also some movement among Republicans as they back Trump 84 – 9 percent, compared to 92 – 7 percent in June. Democrats go to Biden 91 – 5 percent, little changed from 93 – 4 percent in June. ”

In the latest Q poll Biden is beating Trump 52 – 37 percent – practically doubling his lead to 15 points from just one month ago. In June Biden led Trump 49 – 41 percent, an 8-point spread.

“Yes, there’s still 16 weeks until Election Day, but this is a very unpleasant real time look at what the future could be for President Trump. There is no upside, no silver lining, no encouraging trend hidden somewhere in this survey for the president,” said Quinnipiac University Polling Analyst Tim Malloy.

Quinnipiac adds that Trump has now lost what was his one remaining advantage over Biden.

“President Trump’s approval rating on the economy is underwater,” with voters trusting Biden on the economy 53 percent to 44 percent.

“Today’s numbers are his worst net score on the economy since August of 2017.”

This Q poll was conducted from July 9 – 13 among 1,273 self-identified registered voters.

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