60 Corporations Zero 2018 Taxes: Thanks to Trump & GOP Tax Law Favoring Them

Jeff Bezos: Laughing all the way to the bank like others

(Get huge salaries — workers get mostly min wages)

From the Center for Public Integrity this eye-popping story:

Since the Trump-GOP 2017 tax cut was passed giant corporations paid no taxes (that means: zero), or in some cases actually got rebates.

Introduction: At least 60 companies reported that their 2018 federal tax rates amounted to effectively zero, or even less than zero, on income earned on U.S. operations, according to an analysis released today by the Washington-based think tank, the Institute on Taxation and Economic Policy (ITEP).

The number is more than twice as many as ITEP found roughly, per year, on average in an earlier, multi-year analysis before the 2017 new tax law went into effect.

Among them are household names like:

(1) Amazon Inc., (2) Netflix Inc., (3) Oil giant Chevron Corp., (4) pharmaceutical giant Eli Lilly & Co., and (5) farm and commercial equipment giant manufacturer Deere & Co.

Those identified companies were “able to zero out their federal income taxes on $79 billion in U.S. pretax income,” according to the ITEP report

just released.

“Instead of paying $16.4 billion in taxes, as the new 21% corporate tax rate requires, they enjoyed a net corporate tax rebate of $4.3 billion which blew a $20.7 billion hole in the federal budget last year.”

ITEP analyzed the 2018 financial filings of the country’s largest 560 publicly-held companies to get the data.

The full list is at the story link.

Note: The report does not look at total tax provision, a number that could include foreign taxes and deferred taxes. All figures, except for tax rate, are in millions.

My 2 cents: Enjoy while you finish your 2018 tax return – I paid a lot  but still owed $524.00 (thanks to that 2017 law) and that is on my meager mostly retirement income (less than $80.000 BTW). How neat is that, Mr. Trump?

Thanks for stopping by.