You may owe taxes on your salary over the last year, but many Fortune 500 companies won’t pay squat on billions in profits, according to an analysis by the Institute on Taxation and Economic Policy.
The 2018 tax rate for at least 60 profitable Fortune 500 companies will be virtually nothing or even less—which is about double the number of companies reporting that rate on average in an analysis of previous years. Collectively, the 60 companies are skating on some $79 billion in pretax income. “Instead of paying $16.4 billion in taxes, as the new 21 percent corporate tax rate requires, these companies enjoyed a net corporate tax rebate of $4.3 billion,” ITEP wrote. Here’s just a glimpse of the billion-dollar companies that were able to zero out their federal income through the loopholes Donald Trump and the GOP built into their tax giveaway to the rich and powerful.
- Amazon
- Chevron
- Deere
- Delta Air Lines
- General Motors
- Halliburton
- Honeywell International
- Molson Coors
- Prudential Financial