Large corporations saw a sharp drop in their tax burden in the first year of former President
US companies with at least $10 million in assets paid an average of 8.9% in taxes to the Internal Revenue Service in 2018, a new study from the Government Accountability Office showed. That’s down from the effective rate of about 14.6% the year before.
The figures are well below the headline corporate rate, which Trump’s package cut to 21% from 35% starting in 2018. That’s because companies can use deductions, credits and other ...