SF Gate: These Bay Area Companies Paid Zero Federal Taxes in 2018
media mentionA new report by the Institute on Taxation and Economic Policy discovered that 91 of Fortune’s top 500 corporations paid no federal income taxes in 2018 — and many actually got money back.
The report studied the first year companies were under the Tax Cuts and Jobs Act, signed by President Donald Trump in 2017. The act lowered corporate tax rates from 35% to 21% and added a variety of deductions and other tax breaks. ITEP found, on average, America’s 400 largest corporations ended up paying about 11%, which the left-leaning think tank says is the lowest rate since it began studying corporate tax rates in the 1980s.