In 2020, 70 corporations reported over $1 billion in taxes but paid a statutory rate of less than 15%, according to a report by Senator Elizabeth Warren that was verified by the Institute on Taxation and Economic Policy. These corporations take advantage of various tax credits and deductions to drive their tax rates well under 15%. In 2020, GM reported $7.4 billion in profits but paid just $577 million in taxes, an effective tax rate of 7.8%.
Some corporations pay less than nothing. DISH Network, for example, reported $2.5 billion in profits in 2020 but received a $223 million rebate from the federal government, an effective tax rate of negative 8.7%.
The Business Roundtable also participated in a "significant, multifaceted campaign" to defeat previous versions of the climate legislation. It has produced television spots and spent hundreds of thousands on Facebook ads to kill the proposal.
The opposition by the Business Roundtable and other corporate groups is significant because passage of the Inflation Reduction Act of 2022 is not assured. The bill will get no Republican support in the Senate and needs the support of all 50 Democrats to pass. While Manchin is on board, Senator Krysten Sinema (D-AZ) has yet to endorse the legislation and is highly attuned to the views of the business community.
Corporations versus the climate - by Judd Legumhttps://popular.info/p/corporations-versus-the-climate