Among lowest taxpayers were companies whose CEOs have become high-profile advocates for corporate social responsibility
Some of the US’s most profitable corporations, including General Motors, Citigroup and Netflix, have slashed their tax bills in the years since the passage of the Trump tax cuts, with nearly a quarter paying rates in the single digits and 23 paying nothing, a report has found.
The 2017 law cut the top corporate income tax rate from 35% to 21%. But the new assessment of corporate tax avoidance, published on Thursday by the non-profit Institute on Taxation and Economic Policy (Itep), found that during the first five years the law was in effect, many profitable public companies in the US paid a far lower rate in practice.
“The new year brings higher federal tax burdens for U.S. businesses. The heftier federal tax bills employers face in 2023 are primarily derived from implementation of the 2022 Inflation Reduction Act (IRA) and the phasing out of temporary provisions in the 2017 Tax Cuts & Jobs Act (TCJA). While the federal government is imposing a larger burden on businesses, state-level tax cuts that recently kicked in are providing countervailing relief in many parts of the country. In fact, 2023 began with business tax reduction of some form taking effect in many states.”
www.forbes.com/sites/patrickgleason/2023/01/05/us-businesses-face-higher-federal-tax-bills-in-2023-coupled-with-state-tax-relief/amp/
" -Imposing a selective 15% corporate minimum tax rate for companies with higher than $1 billion of annual financial statement income – $222 billion
-Increased tax enforcement – $181 billion[7][38] Imposing a 1% excise tax on stock buybacks – $74 billion " https://en.m.wikipedia.org/wiki/Inflation_Reduction_Act
This clearly is not a full solution but a start. Getting bills to pass is tough when the Congress is majority against you