The Government Accountability Office (GAO) has issued a report on corporate income tax rates before and after the enactment of the Tax Cuts and Jobs Act (TCJA) in Dec. 2017. The GAO described the percentage of large corporations that had no federal income tax liability, the average effective tax rates of large corporations and the changes in the TCJA that may have affected corporate effective tax rates. The GAO pointed out that “while effective tax rates decreased in 2018, total tax liability among profitable large corporations was slightly higher in both 2017 ($278 billion) and 2018 ($267 billion) than it was in 2016 ($262 billion).” Read the report: https://bit.ly/40cHYOe
Our Blog 