Happy holidays came a few days early for big corporations and rich shareholders. Their income tax rate in 2018 will drop from 35% to 21% – exactly a 40% decrease.
Next year, Medicare premiums will go from $109 to $134 per month – a 23% increase in one year. This additional deduction from Social Security benefits wipes out the proposed minimal 2% cost of living increase for most seniors, leaving them with no increase, just inflation losses.
The argument goes that most corporations deserve a tax decrease, because they pay higher income taxes (35%) here than in some other countries. Concerned about the tax burden on our “job creators”, I put together this list of the top 30 largest companies (sales) and what they paid in income tax in 2016.
All told, these firms paid $114.9 billion of income tax on $4,108 billion in sales, or 2.76% rate on sales. Continue reading →