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60 U.S. companies avoided paying federal income taxes in 2018: Report - YouTube
Channel: Fox Business
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60 of some of America's biggest
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companies reportedly paid no federal
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income tax for 2018 despite earning
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billions of dollars in profits this
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according to a new report from the
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Institute on taxation and economic
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policy on that list Amazon as you well
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know for Bernie Sanders as well as
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Netflix Delta JetBlue IBM and General
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Motors in total the 60 companies paid no
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federal income tax on 79 billion dollars
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in pre-tax income does this hit on a
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flaw in our tax system that the Trump
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tax cuts should have addressed what do
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you think well I think the issue here is
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not so much the lower tax rate because
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that's really not what this argument is
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about and I say argument because
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Elizabeth Warren has fastened onto these
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numbers to propose a 7% across-the-board
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tax on every American corporation of any
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size to get around these kind of
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loopholes but I just want to caution
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here because what we're talking about is
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a difference on these 60 companies of
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twelve billion dollars I know that seems
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like a lot of money but in this great
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scheme of things that a 20 trillion
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dollar economy it is not and the biggest
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loophole is encouraging investment I
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think we all understand that is actually
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worthwhile for the country it does drive
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productivity and that drives wage gains
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so I think we have to be careful before
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we start messing around with this
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governor well I don't think it's just a
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question of how much money it would net
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to Treasury I think it's a question of
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basic fairness and by the way this
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didn't just happen during president
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Trump's time in office I remember I was
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shocked to find Jeff Mo who was head of
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one of the committees that President
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Obama set up that GE paid no taxes
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despite making billions of dollars of
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profit in that year but they want to be
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something equivalent to the alternative
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minimum tax for companies it's basic
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fairness you know you say they invested
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it well the Trump tax cut was given to
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corporations because they would invest
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in jobs they didn't really invest in
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creating new jobs they didn't invest in
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salary increases there were some
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one-time bonuses they invested in give
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backs to the shareholders things that
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didn't benefit
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the average working person at all I'd
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love to see some day of corporate tax
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that was key to job creation that you've
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got extra reduction in your taxes for
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each job you created during a given year
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by the way we should we should mention
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governor this is the first time in my
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lifetime where we've had more jobs than
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jobseekers I mean got a lot of jobs
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going but what type of jobs what type of
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jobs all across the board including
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manufacturing look let's take a step
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back here and remember why this was done
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this was this is actually one of the
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marquee things that President Trump has
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done the corporate piece of the tax cut
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we were not competitive on a worldwide
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basis and we had money that was sitting
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overseas we had companies that were
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doing these you know inversions to get
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out of the US to avoid our tax structure
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which was too cumbersome the fact that
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he fixed that is a great thing the fact
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that we have companies that are
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investing is a great thing and those
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companies who have lost money in the
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past like Amazon for years and years and
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years should be able to carry those
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losses forward the issue here is not
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revenues from corporations the issue
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here is that the government over spends
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and we should be spending more time
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talking about fixing the overspending of
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the government than what worrying about
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what's going on on the corporate side oh
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you're talking government spending we'd
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be here for another three hours
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[Laughter]
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races here all the time that we were
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uncompetitive at 35% but how many of the
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Fortune 2000 companies paid thirty five
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percent of their corporate tax the
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effective rate was 17 percent wait the
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effective rate was 17 percent which
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would put us in the middle of companies
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countries around the world
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so governor here's an idea here's an
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idea why don't you lower the official
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rate down to 17 percent and get rid of
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all the loopholes if if the effective
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rate was 17 how about doing that I'm for
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that okay get rid of all these loopholes
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we got all the corporations we're paying
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in the 20s and 30s when you have island
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down I think at 12 and a half 13 percent
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you must do something to happen
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15% yeah we don't want to be average we
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want to be the best we don't want to be
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the what would be let's not let's not
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obscure the headline here which is a
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governor rendell is in favor of getting
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rid of all the loopholes and bringing
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the rate down to 17 percent which would
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give us the effective rate I think
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that's something Republicans and
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Democrats would agree on let's remember
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this is an ad we know a lot more money
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yeah you have 80,000 pages of code and
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regulations and taxes well you can hire
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these high price accounts to come in and
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and guess what do what they do very well
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and that's how you get it 0% well it's
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with zero new holes you wouldn't need
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all those accountants and lawyers I
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think it would do everybody a lot of
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good governor you hit on a brilliant
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idea we got to move on though
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