According to the Institute on Taxation and Economic Policy, in 2018, 60 of America’s largest 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 and effective tax rate of -0.5 percent.
The biggest was Amazon, which reported $11 billion of U.S. income, paid no federal income taxes, and actually managed to claim a tax rebate of $129 million.
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[…] income tax rate of 11.3 percent, barely more than half the 21 percent statutory tax rate. And, as I showed a couple of weeks ago, 60 corporations paid no federal tax on their 2018 profits at […]
[…] income tax rate of 11.3 percent, barely more than half the 21 percent statutory tax rate. And, as I showed a couple of weeks ago, 60 corporations paid no federal tax on their 2018 profits at […]