60 Top Corporations Paid $0 Federal Taxes Under Trump Tax Law
Amazon, Chevron, Netflix, Eli Lilly, IBM and General Motors are reaping tax cut benefits and paying nothing.
By Mary Papenfuss 04/12/2019 08:04 am ET
President Donald Trump’s new tax law aided corporations so radically that twice as many companies paid no federal taxes whatsoever in 2018, despite billions of dollars in profit, according to a new study.
Amazon, Netflix, Chevron, Eli Lilly, Delta Airlines, General Motors, IBM and Goodyear were among the tax-free corporate titans, according to an analysis by the Institute on Taxation and Economic Policy, a Washington think tank, released Thursday.
The study found that 60 of some of the largest publicly held companies paid no taxes — compared with an average of about 30 each year from 2008 to 2015, before Trump and congressional Republicans passed the tax law that took effect in 2018. The measure heavily favors corporations and the wealthy.
The analysis is based on 2018 financial filings of the country’s largest 560 publicly held companies.
Farm equipment manufacturer John Deere, for example, reported earning $2.15 billion in U.S. income before taxes. It owed no U.S. taxes in 2018 and reported the government owes the company $268 million because of various deductions and credits, the report says.
The cut in the corporate tax rate alone will save corporations $1.35 trillion over the next 10 years, according to the Joint Committee on Taxation.
https://www.huffpost.com/entry/60-biggest-companies-paid-no-taxes_n_5cb01f75e4b0ffefe3ae2626
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