The corporations paid 91 billion less in taxes, and the people paid 100 billion more.


See more at the link https://www.yahoo.com/news/corporati...sf_akfmevaatca

Excerpt:

President Trump’s tax law, the Tax Cuts and Jobs Act (TCJA) that was passed in December 2017, has been widely panned as a victory for large businesses and corporations which saw their corporate tax rate drop from 35% to 21% last year.

But businesses blend write-offs with a variety of tax credits to lower their tax rate to an “effective” rate that is even lower. In 2018, according to data provided to Yahoo Finance by research firm Oxford Economics, corporations lowered their effective tax rate to just 7% — the lowest since 1947.

And while some corporations managed to pay $0 under the new tax law, it was unclear what kind of financial blow that would deal to the U.S. But according to recently released data from the IRS, in 2018 – the first year that the TCJA was in effect – the Treasury Department collected $91 billion less than it did in 2017.


But while companies were able to avoid paying taxes thanks to the new Republican tax law, the IRS pulled in roughly $2 trillion from individual tax returns, a leap of nearly $100 billion from the amount collected in 2017.