Sonali Kolhatkar speaks with Matt Gardner, a senior fellow at the Institute on Taxation Economic Policy.
Jeff Bezos, the world’s richest man is laughing all the way to the bank. Bezos’ company Amazon is one of 91 corporations that did not pay federal income taxes on their 2018 U.S. income.
And that is a direct result of the Tax Cuts and Jobs Act that the Republican Party and their president passed at the end of 2017.
A new report by the Institute on Taxation Economic Policy examined corporate tax avoidance in the first year that the tax law took effect.
The results are the opposite of what Republicans promised and in line with what critics of the law feared: that wealthy corporations, many of which already receive massive public subsidies and take advantage of existing tax code loopholes would win a windfall from the new law.
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