State Tax Watch

Expert's View

Matthew Gardner

Matthew Gardner
Senior Fellow

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Corporate Tax Avoidance Under the Tax Cuts and Jobs Act

Thirty-nine profitable corporations in the S&P 500 or Fortune 500 paid no federal income tax from 2018 through 2020, the first three years that the Tax Cuts and Jobs Act was in effect. The 39 corporations were profitable in each of those three years and, as a group, reported to shareholders that they had generated $122 billion in profits during that period.