January 7, 2021

Austin American Statesman: GOP creates ‘socialism for rich’ and bupkis for the rest of us

media mention

A study by the Institute on Taxation and Economic Policy reported on the first year following the passage of the GOP tax cuts and found that 91 of the Fortune 500 companies effectively paid no federal taxes in 2018, and some even got refunds. Here are two examples from that list.

In 2018, Amazon (whose founder Jeff Bezos is the wealthiest person in the world) posted income of more than $11 billion, but paid $0 in federal taxes and received a federal tax refund of $129 million.

Chevron also paid no taxes in 2018 but received a $181 million refund. Read more