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Tue Dec 17, 2019, 04:36 AM

91 profitable Fortune 500 companies paid $0 in taxes in 2018 under Trump's tax law

Under the Tax Cuts and Jobs Act, 91 profitable Fortune 500 companies paid $0 in taxes on U.S. income in 2018, according to a new report from the Institute on Taxation and Economic Policy (ITEP). Across all 379 profitable companies in the Fortune 500 the effective tax rate was just 11.3%, just over half the 21% tax rate under the law.

“In 2018, the 379 companies earned $765 billion in pretax profits in the United States,” the report noted. “Had all of those profits been reported to the IRS and taxed at the statutory 21% corporate tax rate, the 379 companies would have paid almost $161 billion in income taxes in 2018.”

Instead, the companies only paid $86.8 billion, roughly 54% of what they owed.


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Reply 91 profitable Fortune 500 companies paid $0 in taxes in 2018 under Trump's tax law (Original post)
modrepub Dec 2019 OP
wcast Dec 2019 #1

Response to modrepub (Original post)

Tue Dec 17, 2019, 10:46 AM

1. This shows how stupid most of the electorate is.

All those so called Tea Party people are no where to be found now Obama is no longer President. Even though this steals money from the middle and working class, they are okay with it because of social and cultural reasons. It makes me angry that this is America.

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