April 11, 2019

The Hill: Report Finds Twice as Many Companies Will Pay Zero Tax This Year

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The report cites data released Thursday from the left-leaning Washington, D.C., think-tank the Institute on Taxation and Economic Policy (ITEP).

ITEP reported that the companies listed used a “diverse array of legal tax breaks,” including accelerated depreciation, stock options and energy-related tax subsidies to “zero out” their federal income taxes.

According to the report, some of the companies that avoided paying any federal income taxes in 2018 include tech giant Amazon, pharmaceutical company Eli Lilly, television streaming service Netflix, a number of airlines and publishing group Gannett.

Matthew Gardner, ITEP senior fellow and author of the report, said that the lowering of the corporate tax rate to 21 percent from its previous 35 percent effectively “lowers the bar for the amount of tax avoidance it takes to get you down to zero.” Read more