60 Profitable Fortune 500 Companies Avoided All Federal Income Taxes in 2018...

itep.org | 2019-04-18 19:04 UTC

For decades, profitable Fortune 500 companies have been able to manipulate the tax system to avoid paying even a dime in tax on billions of dollars in U.S. profits. This ITEP report provides the first comprehensive look at how the new corporate tax laws that took effect after the passage of the 2017 Tax Cuts and Jobs Act affects the scale of corporate tax avoidance. The report finds that in 2018, 60 of Americas biggest corporations were able to zero out their federal income taxes on $79 billion in U.S. pretax income. Instead of paying $16.4 billion in taxes, as the new 21 percent corporate tax rate requires, these companies enjoyed a net corporate tax rebate of $4.3 billion, blowing a $20.7 billion hole in the federal budget last year.

By Anonymous Submission on 2019-04-18 19:04 UTC
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