At least 60 of the biggest companies in the U.S. paid no federal income taxes on $79 billion worth of income in 2018.
This news will be hard to swallow for the millions of average taxpayers who are getting ready to file their tax returns with the IRS by April 15.
At least 60 of the country's biggest corporations paid absolutely nothing in federal income tax in 2018, a number that doubled thanks to the tax scam Republicans passed, according to a report released Thursday by the Institute on Taxation and Economic Policy.
In fact, these major companies actually got a federal tax rebate of $4.3 billion — meaning the government actually cut checks to these companies, according to the ITEP study.
According to ITEP, companies that either paid no federal income tax or received a federal income tax rebate include:
- Amazon, which received a rebate of $129 million on $11 billion worth of income;
- The pharmaceutical company Eli Lilly, which received a $54 million rebate on $598 million in income;
- Netflix, which paid $0 in federal income tax on $856 million of income;
- And IBM, which received a rebate of $342 million on $500 million in income.
ITEP said that the GOP tax scam gave these companies "a diverse array of legal tax breaks to zero out their federal income taxes."
While these companies paid nothing in federal income tax, or in some cases were paid by the government, other companies reported massive tax cuts.
JP Morgan CEO Jamie Dimon announced last week that the tax law "added $3.7 billion to net income" of his bank.
Meanwhile, regular Americans are receiving $6 billion less in tax refunds from their 2018 returns than the previous year thanks to the GOP's tax law, according to IRS data.
The facts provided together are a stark image of how Republicans stacked their tax scam to benefit wealthy corporations over working Americans.
In fact, 80 percent of the benefits from the tax law went to the wealthiest 1 percent of taxpayers.
ITEP provided a full list of the 60 companies and their effective tax rates. Read it and weep.
Published with permission of The American Independent Foundation.