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