Institute on Taxation and Economic Policy

April 16, 2019

New York Post: Want to get out of taxes? Just make $79B

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While millions of Americans had to cut Uncle Sam a check this year to pay their tax bill, 60 of the Fortune 500 companies paid zero taxes on their revenue, a new report finds.

In 2018, 60 of America’s biggest corporations zeroed out their federal income taxes on $79 billion in US pretax income. Instead of paying $16.4 billion in taxes at the 21 percent statutory corporate tax rate, these companies enjoyed a net corporate tax rebate of $4.3 billion, according to a study by the Institute on Taxation and Economic Policy (ITEP).

“There’s no indication that any of these companies are doing anything illegal,” said Matthew Gardner, a senior fellow at the ITEP. “By all accounts, they’re simply using tax breaks that Congress and various presidents have chosen to make available.” Read more


Quoted Staff Member

Matthew Gardner
Matthew Gardner

Senior Fellow