A new report from the Institute on Taxation and Economic Policy that says at least 60 large U.S. companies paid no taxes in 2018 – twice the number the group found in 2017, before the GOP tax cuts went into effect.
Those 60 companies had $79 billion in U.S. pretax income, ITEP said, which translates to about $16.4 billion in taxes at the current 21 percent corporate tax rate. Instead, the companies collectively claimed a net corporate tax rebate of $4.3 billion.
Here are some highlights from the report:
- Amazon reported $more than 10 billion of U.S. income and claimed a federal income tax rebate of $129 million.
- General Motors reported $4.3 billion of U.S. income and claimed a federal income tax rebate of $104 million.
- Netflix reported $856 million of U.S. income and claimed a federal income tax rebate of $22 million.
- Molson Coors reported $1.3 billion in U.S. income and received a federal income tax rebate of $23 million.
- IBM earned $500 million in U.S. income and received a federal income tax rebate of $342 million.
