I know, right? Did this new tax scheme close loopholes or how taxable income is calculated?
"President Donald Trump and the GOP leadership have vowed to reduce U.S. corporate taxes, arguing that the statutory 35 percent rate is far too high.
"But thanks to loopholes and tax-minimization strategies, few large, profitable corporations actually pay that rate. Among the roughly half of Fortune 500 companies that were consistently profitable between 2008 and 2015, the effective federal income tax rate was 21.2 percent over that eight-year period, according to a study from the Institute on Taxation and Economic Policy. Eighteen of them, including General Electric (GE) and Priceline.com (PCLN), paid no federal income taxes during that time. "
https://www.cbsnews.com/news/meet-the-18-companies-that-paid-no-taxes-over-8-years/
