60 Wealthy Corporations Don’t Have To Pay Taxes Under Trump-GOP Tax Plan
The Institute on Taxation and Economic Policy, a Washington D.C. think-tank, reports that twice as many wealthy corporations do not have to pay taxes under the tax plan — Tax Cuts and Jobs Act –enacted by President Donald Trump and the Republicans in 2017:
60 of America’s biggest corporations zeroed out their federal income taxes on $79 billion in U.S. pretax income. Instead of paying $16.4 billion in taxes at the 21 percent statutory corporate tax rate, these companies enjoyed a net corporate tax rebate of $4.3 billion.
The Institute on Taxation and Economic Policy notes that some rich corporations actually came out ahead by getting tax rebates:
Computer maker International Business Machines (IBM) earned $500 million in U.S. income and received a federal income tax rebate of $342 million.
The retail giant Amazon reported $11 billion of U.S. income and claimed a federal income tax rebate of $129 million.
The streaming service Netflix paid no federal income tax on $856 million of U.S. income.
Beer maker Molson Coors enjoyed $1.3 billion of U.S. income in 2018 and received a federal income tax rebate of $22.9 million.
Automaker General Motors reported a negative tax rate on $4.3 billion of income.