April 11, 2019

Fast Company: Amazon and Netflix Are among Many Companies Paying Zero Federal Taxes under Trump’s Tax Law

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Tax season is upon us–and by us, I mean everyone who is not Amazon, Netflix, Chevron, or pharmaceutical manufacturer Eli Lilly and Co., because they are among the 60 or so corporations that paid zero dollars in federal income taxes on the billions of dollars in profits they earned in 2018.

That’s according to a new analysis, released today by the Washington-based think tank Institute on Taxation and Economic Policy (ITEP) and first reported by The Center for Public Integrity. After analyzing the 2018 financial filings of the country’s largest 560 publicly held companies, they found that companies like Amazon and Netflix were “able to zero out their federal income taxes on $79 billion in U.S. pretax income,” thanks to the tax overhaul bill pushed through Congress and signed into law by President Donald Trump. Read more