You Paid Your Taxes: Trump, and these corporations did not

Kathryn Kranhold April 11, 2019 The Center for Public Integrity About twice as many of the largest U.S. companies reported they didn’t owe taxes in 2018 compared with previous years, a partial result of the 2017 Trump tax law, according to a report. Amazon.com Inc.’s U.S. profits before taxes were $10.8 billion in 2018. But unlike its millions of customers, the company paid no taxes in the United States last year., AP Photo/David Zalubowski About twice as many of the largest U.S. companies reported they didn’t owe taxes in 2018 compared with previous years, a partial result of the 2017 Trump tax law, according to a report. This story was published in partnership with NBC News.  INTRODUCTION Taxpayers are scrambling to make last-minute payments due to the Internal Revenue Service in just four days, but many of the country’s largest publicly-held corporations are doing better: They’ve reported they owe absolutely nothing on the billions of dollars in profits they earned last year. At least 60 companies reported that their 2018 federal tax rates amounted to effectively zero, or even less than zero, on income earned on U.S. operations, according to an analysis released today by the Washington, D.C.-based think tank, the Institute on Taxation and Economic Policy. The number is more than twice as many as ITEP found roughly, per year, on average in an earlier, multi-year analysis before the new tax law went into effect.

https://portside.org/2019-04-14/you-paid-taxes-these-corporations-didnt