A new report from the Institute on Taxation and Economic Policy examined tax-paying behavior of America’s most profitable corporations and how corporate tax changes under the 2017 Tax Cuts and Jobs Act affect the scale of corporate tax avoidance. Sixty profitable Fortune 500 companies paid $0 in federal income taxes, enjoying a total of $4.3 billion in federal income tax rebates combined. That’s an average income tax rate of negative 5.5 percent for the 60 companies outlined in the report, including Amazon, Delta, General Motors, MolsonCoors and other household names.
Corporate Tax Avoidance Remains Rampant Under New Tax Law
ITEP, April 11, 2019