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Corporate income taxes are imposed by federal and state governments on business profits. Companies utilization everything in the tax code to lower the cost of taxes paid by reducing their taxable income. The President made signs the Tax Cuts and Jobs Act (TCJA) into law on December 22, 2017, the corporate tax cut rate from 35% to 21%, the lowest rate since 1939 General Motors Co. Effective income tax rate (EITR) reconciliation Dec 31, 2019 Dec 31, 2018 December 31, 2017 U.S. federal statutory income tax rate 21.00% 21.00% 35.00% Effective income tax rate, before a change in tax laws 14.45% 9.52% 44.59% Effective income tax rate 12.47% 7.42% 118.52% General Motors Co.’s actual income tax rate before the change in tax laws decreased from 2017 to 2018, then slightly increased from 2018 to 2019. Market value: $54.9 Billion, Overall tax rate: 5.54% General Motors (GM, $38.42) excellently paid little to no federal taxes for years, and the situation is expected to carry on for another five years. In 2018, the automaker recorded $4.3 billion in U.S. income and received a federal tax refund of $104 million. This enviable situation stems from the enormous losses GM incurred before its 2009 bankruptcy filing. The tax code allows net losses carried forward and applied to future profits, reducing tax liability. The simplified tax break is intended to help companies get back on their feet after suffering net losses. General Motors gets a big break from the US GOVERNMENT; nevertheless, it even now pays state and international taxes. The company’s state tax rate originated to 8.19% in 2018 vs. a net tax benefit in 2017. Its international tax rate deteriorated to 40.60% from 284.38%, General Motors Co.’s deferred tax assets increased from 2017 to 2018 and from 2018 to 2019. General Motors Co.’s net deferred tax assets (liabilities) increased from 2017 to 2018 and from 2018 to 2019. US$ in millions General Motors Co.’s net deferred tax assets (liabilities) increased from 2017 to 2018 and again from 2018 to 2019. US$ in millions Adjustments to financial statements: removal of deferred taxes. General motor.’s amended current ratio improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2020 modified net gain margin ratio value-added starting 2017 to 2018 but later slightly declined from 2018 to 2019, not reaching the 2017 level. adjusted total asset turnover ratio deteriorated from 2017 to 2018 and from 2018 to 2019 adjusted financial leverage ratio decreased from 2017 to 2018, and from 2019 to 2019 changed ROE declined as of 2017 to 2018 and from 2018 to 2019. adjusted ROA improved starting 2017 to 2018 but then depreciated significantly from 2018 to 2019. December 31, 2019 December 31, 2018 December 31, 2017 U.S. federal 42 (104) 18 U.S. state and local 102 113 83 Non-U.S. 758 577 552 Current income tax expense 902 586 653 U.S. federal (145) (578) 7,831 U.S. state and local 3 250 (187) Non-U.S. 9 216 3,236 Deferred income tax expense (benefit) (133) (112) 10,880 Income tax expense (benefit) 769 474 11,533 General Motors Co.’s present income tax expense decreased from 2017 to 2018 but then increased from 2018 to 2019, exceeding the 2017 level. General Motors Co.’s submitted income tax expense (benefit) decreased from 2017 to 2018 and from 2018 to 2019. General Motors Co.’s income tax expense (benefit) declined to commence 2017 to 2018, then, to some extent, increased from 2018 to 2019. Reuters. (2017, February 17). Here’s what drove GM’s profit down in the fourth quarter. Fortune. Retrieved from http://fortune.com/2017/02/07/gm-profit-falls-currency/ https://home.kpmg.com/content/dam/kpmg/us/pdf/2018/02/tnf-new-law-book-feb6-2018.pdf https://www.ey.com/Publication/vwLUAssets/ey-accounting-implications-of-us-tax-reform/$File/ey-accounting-implications-of-us-tax-reform.pdf Gardner, M., McIntyre, R. S., & Phillips, R. (2017). The 35 percent corporate tax myth: Corporate tax avoidance by Fortune 500 companies, 2008 to 2015 U.S. federal statutory income tax rate Dec 31, 2019Dec 31, 2018Dec 31, 2017 0.210.210.3500Effective income tax rate, before change in tax laws Dec 31, 2019Dec 31, 2018Dec 31, 2017 0.144499999999999999.5200000000000007E-20.4459000000000000200Effective income tax rate Dec 31, 2019Dec 31, 2018Dec 31, 2017 0.124700000000000017.4200000000000002E-21.185200 US$ in millionsDec 31, 2019Deferred tax assets before valuation allowancesValuation allowancesDeferred tax assetsProperty, plant and equipmentIntangible assetsDeferred tax liabilitiesNet deferred tax assets (liabilities)34379-813526244-1565-763-232823916US$ in millionsDec 31, 2018Deferred tax assets before valuation allowancesValuation allowancesDeferred tax assetsProperty, plant and equipmentIntangible assetsDeferred tax liabilitiesNet deferred tax assets (liabilities)33105-797625129-1098-729-182723302US$ in millionsDec 31, 2017Deferred tax assets before valuation allowancesValuation allowancesDeferred tax assetsProperty, plant and equipmentIntangible assetsDeferred tax liabilitiesNet deferred tax assets (liabilities)30699-669024009-418-735-115322856 ADJUSTMENT TO CURRENT ASSETS Adjustment to Current AssetsDec 31, 2019Dec 31, 2018Dec 31, 2017Current assets (as reported)Dec 31, 2019Dec 31, 2018Dec 31, 2017749927529368744Less: Current deferred tax assets, netDec 31, 2019Dec 31, 2018Dec 31, 2017000Current assets (adjusted)Dec 31, 2019Dec 31, 2018Dec 31, 2017749927529368744 ADJUSTMENT AFTER LIABILITES & ASSETS US$ in millionsDec 31, 2019Adjustment to Current AssetsCurrent assets (as reported)Less: Current deferred tax assets, netCurrent assets (adjusted)Adjustment to Total AssetsTotal assets (as reported)Less: Current deferred tax assets, netLess: Noncurrent deferred tax assets, netTotal assets (adjusted)Adjustment to Stockholders’ EquityStockholders’ equity (as reported)Less: Net deferred tax assets (liabilities)Stockholders’ equity (adjusted)Adjustment to Net Income (loss) Attributable To StockholdersNet income (loss) attributable to stockholders (as reported)Add: Deferred income tax expense (benefit)Net income (loss) attributable to stockholders (adjusted)749920749922280370246402033974179223916178766732-1336599US$ in millionsDec 31, 2018Adjustment to Current AssetsCurrent assets (as reported)Less: Current deferred tax assets, netCurrent assets (adjusted)Adjustment to Total AssetsTotal assets (as reported)Less: Current deferred tax assets, netLess: Noncurrent deferred tax assets, netTotal assets (adjusted)Adjustment to Stockholders’ EquityStockholders’ equity (as reported)Less: Net deferred tax assets (liabilities)Stockholders’ equity (adjusted)Adjustment to Net Income (loss) Attributable To StockholdersNet income (loss) attributable to stockholders (as reported)Add: Deferred income tax expense (benefit)Net income (loss) attributable to stockholders (adjusted)752930752932273390240822032573886023302155588014-1127902US$ in millionsDec 31, 2017Adjustment to Current AssetsCurrent assets (as reported)Less: Current deferred tax assets, netCurrent assets (adjusted)Adjustment to Total AssetsTotal assets (as reported)Less: Current deferred tax assets, netLess: Noncurrent deferred tax assets, netTotal assets (adjusted)Adjustment to Stockholders’ EquityStockholders’ equity (as reported)Less: Net deferred tax assets (liabilities)Stockholders’ equity (adjusted)Adjustment to Net Income (loss) Attributable To StockholdersNet income (loss) attributable to stockholders (as reported)Add: Deferred income tax expense (benefit)Net income (loss) attributable to stockholders (adjusted)68744068744212482023544188938350012285612145-3864108807016