We knew President Trump’s 2017 tax bill favored corporate America, but this is ridiculous.
According to a new study, a group of 60 companies in the Fortune 500 booked nearly $80 billion in total profits in 2018, but each owed $0 in taxes. Worse: Many of these companies actually got rebates from Uncle Sam, totaling more than $4 billion.
The report, from the Institute on Taxation and Economic Policy (ITEP), highlights some of the most recognizable names in corporate America who faced no tax bill, including Big Oil giant Chevron ($4.5 billion in profits), tech darling Netflix ($856 million), pharmaceutical titan Eli Lilly ($595 million) and industrial stalwart Goodyear Tire & Rubber ($440 million).
“The specter of big corporations avoiding all income taxes on billions in profits sends a strong and corrosive signal to Americans,” the authors write, “that the tax system is stacked against them.”
Below, according to ITEP, is a list of the 26 companies that raked in at least $1 billion in profits but — through the magic of the 2017 tax bill, edgy accounting practices, special carveouts and corporate tax shelters — did not pay anything to the government on their earnings.
Company Paying No Tax : 2018 Profit
Amazon : $10.8 billion
Delta Air Lines: $5 billion
Chevron : $4.5 billion
General Motors : $4.3 billion
EOG Resources : $4 billion
Occidental Petroleum : $3.4 billion
Duke Energy : $3 billion
Dominion Resources : $3 billion
Honeywell International : $2.8 billion
Deere: $2.2 billion
American Electric Power : $1.9 billion
Kinder Morgan : $1.8 billion
Public Service Enterprise Group : $1.8 billion
Principal Financial : $1.6 billion
FirstEnergy : $1.5 billion
Prudential Financial : $1.4 billion
Xcel Energy : $1.4 billion
PulteGroup : $1.3 billion
Molson Coors : $1.3 billion
Devon Energy : $1.3 billion
Pioneer Natural Resources : $1.3 billion
DTE Energy : $1.2 billion
Wisconsin Energy : $1.1 billion
PPL : $1.1 billion
Halliburton : $1.1 billion
Ameren : $1 billion