Amazon isn't the only company that paid $0 in federal taxes last year

We’re way past the time for pitchforks and tumbrels.

Amazon isn't the only company that paid $0 in federal taxes last year

Under President Trump's new tax law, 60 of America's biggest corporations paid $0 in federal taxes in 2018, despite earning billions of dollars in profits.

Amazon, Netflix, General Motors, Chevron, JetBlue, IBM and U.S. Steel were all among the companies that avoided taxes last year using a diverse array of loopholes and tax breaks, according to a new report from the Institute on Taxation and Economic Policy, a nonpartisan think-tank.

The 2017 Tax Cuts and Jobs Act dropped the corporate tax rate to 21 percent from 35 percent, while also keeping intact most of the tax breaks that allow profitable companies to zero out what they owe.

"The result, unsurprisingly, has been a continued decline in our already-low corporate tax revenues: in fiscal 2018, U.S. corporate tax revenues fell by 31 percent, according to U.S. Treasury data," the study said. "This was a more precipitous decline than in any year of normal economic growth in U.S. history."

In total, the 60 companies paid no federal income tax on $79 billion in U.S. pretax income, according to the study. And instead of paying $16.4 billion in taxes at the 21 percent corporate rate, the companies received a corporate tax rebate of $4.3 billion.

https://apple.news/ATim3BZqJS7yCR4np35455g

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Raggedy Ann's picture

I believe the system is set up that way, amirite?

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11 users have voted.

Women are human beings, not prey.
(I forgot where I read it although it might have been in The Intercept)

Amanda Matthews's picture

@Raggedy Ann

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I'm tired of this back-slapping "Isn't humanity neat?" bullshit. We're a virus with shoes, okay? That's all we are. - Bill Hicks

Politics is the entertainment branch of industry. - Frank Zappa

gulfgal98's picture

Every one I know had to pay more in taxes this year than last. Apparently we are not only financing the MIC but also the big corporations and the very wealthy. They have the yellow vests in France, but still nothing here. Sad

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"I don't want to run the empire, I want to bring it down!" ~Dr. Cornel West

"There is no instance of a nation benefitting from prolonged warfare." Sun Tzu

"Propaganda is one hell of a drug." Abby Martin

"Politicians are cowards." Mike Gravel

lotlizard's picture

It’s outrageous that these corporations can do this, but there’s a big fat unproven premise in the way the article tries to spin this so that it’s all on Trump.

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4 users have voted.
Amanda Matthews's picture

@lotlizard
situation.

American Taxpayer Relief Act of 2012
Edit

On January 1, 2013, the Bush Tax Cuts expired. However, on January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012, which reinstated many of the tax cuts, effective retroactively to January 1. The 2012 Act did not repeal the increase in the highest marginal income tax rate (from 35% to 39.6%) which had been imposed on January 1 as a result of the expiration of the Bush Tax Cuts.

https://en.m.wikipedia.org/wiki/Bush_tax_cuts#American_Taxpayer_Relief_A...

The boom that wasn’t
The economy has little to show for $860 billion in tax cuts

https://www.epi.org/files/page/-/old/briefingpapers/168/bp168.pdf

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5 users have voted.

I'm tired of this back-slapping "Isn't humanity neat?" bullshit. We're a virus with shoes, okay? That's all we are. - Bill Hicks

Politics is the entertainment branch of industry. - Frank Zappa