91 profitable Fortune 500 companies paid $0 in taxes under new law

91 profitable Fortune 500 companies paid $0 in taxes under new law

As per a new report, under the Tax Cuts and Jobs Act, 91 profitable Fortune 500 companies paid zero taxes in 2018. Going beyond, across 379 profitable companies in the Fortune 500 the effective tax rate was just 11.3% (half the 21% tax rate under the law). This trend is supported by data from the IRS - in 2018, the Treasury Department collected $91 billion less than it did in 2017.

KCooper
KCooper
Herbie Goes Bananas
Herbie Goes Bananas 4 months

Oh no! Maybe Bernie can rescue us from this booming economy. That'll teach the evil rich man.

Avi Khait
Avi Khait 4 months

Good for them, but not good for the country IMHO, but why only leftist sources?

Seed
Seed 4 months

Brilliant idea, Herr Trump. Let Zuckerberg/Bezos/Soros/other scummy billionaires make even more money even though they are already super-rich and be totally blasé about it, many of those same billionaires also trying to undercut you in whatever realistic way they can. It is not like the money doesn't come out of somewhere (the average joe *cough cough*) so the consequences should be minimal, right?

CrankyAlly
CrankyAlly 4 months

I see a lot of quite pro-corporate comments in this thread which is quite concerning. A lot of "why should they pay taxes when they create jobs?" I'll tell you why. It's because they too use resources and services provided by the government which needs funding to function. How the hell could a company like Amazon function without roads? Speaking of Amazon, their CEO is one of the richest people in the world but the majority of its American employees (not even going into detail about products being manufactured in third world countries where wages are far too low) aren't even being paid enough to cover the basic cost of living (even if they work full time). Guess what? That means that the American taxpayer has to pay for these employees to cover their living expenses, not the company who thrives off their labour. The profits aren't going back into the economy, just the pockets of the shareholders who can only buy so many yachts. It is a broken system and it cannot continue without serious consequences.

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