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Billions in Profits, No Taxes: How the Trump Tax Code Let 26 Companies Off the Hook

A new study shows how the GOP’s 2017 tax bill helped subsidize corporate America

United States President Donald J. Trump points to the press during an event to sign the $1.5 trillion tax cut bill in the Oval Office of the White House, in Washington, DC, prior to his departure to Mar-a-Lago, Florida for the holidays.Donald Trump signs sweeping Tax Reform Bill, Washington DC, USA - 22 Dec 2017

United States President Donald J. Trump points to the press during an event to sign the $1.5 trillion tax cut bill in the Oval Office of the White House.

REX/Shutterstock

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

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