“The Institute on Taxation and Economic Policy (ITEP.ORG) has done an analysis of 379 corporations and their tax burdens since the Republican Party and Donald Trump gave them the enormous tax cuts that most Americans were dead-set against. “Corporate Tax Avoidance In The First Year of The Trump Tax Law” is available here for viewing or downloading. The findings are what we have come to expect: Big companies got big returns from the tax cuts, and on top of that, most corporations still couldn’t resist exploiting loopholes allowing them to pay even less than the meager amount set out by the Republican Party.”
- The 379 profitable corporations identified in this study paid an effective federal income tax rate of 11.3 percent on their 2018 income, slightly more than half the statutory 21 percent tax
- 91 corporations did not pay federal income taxes on their 2018 U.S. income. These corporations include Amazon, Chevron, Halliburton and IBM. An ITEP study released in April 2019 examined 2018 Fortune 500 filings released to date and found 60 companies paid zero in federal income taxes. Now, all companies have released their 2018 financial filings, and this report reflects that.
- Another 56 companies paid effective tax rates between 0 percent and 5 percent on their 2018 income. Their average effective tax rate was 2 percent.
Medicynical Note: And these companies who pay no or little taxes as our military and government to expend resources, defend their financial interests and us our government’s power on their behalf……..while they get a free ride. Guess who gets to pay.