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Number of Corporations not paying taxes doubles

No.384786 ViewReplyOriginalReport
https://publicintegrity.org/business/taxes/trumps-tax-cuts/you-paid-taxes-these-corporations-didnt/

Taxpayers are scrambling to make last-minute payments due to the Internal Revenue Service in just four days, but many of the country’s largest publicly-held corporations are doing better: They’ve reported they owe absolutely nothing on the billions of dollars in profits they earned last year.

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, D.C.-based think tank, the Institute on Taxation and Economic Policy. The number is more than twice as many as ITEP found roughly, per year, on average in an earlier, multi-year analysis before the new tax law went into effect.

Among them are household names like technology giant Amazon.com Inc. and entertainment streaming service Netflix Inc., in addition to global oil giant Chevron Corp., pharmaceutical manufacturer Eli Lilly & Co., and farming and commercial equipment manufacturer Deere & Co.

The identified companies were “able to zero out their federal income taxes on $79 billion in U.S. pretax income,” according to the ITEP report, which was released today. “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.” To compile the list, ITEP analyzed the 2018 financial filings of the country’s largest 560 publicly-held companies.