If you want proof, I suggest you read the 1939 Tax Code, then the 1984 Tax Code, then the 1986 Tax Code. What do they all have in common? Corporate rates went down, and deductions and credits went up. 99% of the complexity of the federal income tax code relates to corporate taxes.
Companies are not paying taxes because they are reporting losses. Tax losses are not the same thing as economic losses. Tax losses are good and desirable; economic losses are not. GE, for example makes billions in profits each yet, yet is able to pay a negative tax rate. Apple and Google make billions each quarter, but avoid taxes on it by parking it overseas.
Companies are not paying taxes because they are reporting losses. Tax losses are not the same thing as economic losses. Tax losses are good and desirable; economic losses are not. GE, for example makes billions in profits each yet, yet is able to pay a negative tax rate. Apple and Google make billions each quarter, but avoid taxes on it by parking it overseas.