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<div class="header reader-header reader-show-element"> <font
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href="https://www.huffpost.com/entry/60-biggest-companies-paid-no-taxes_n_5cb01f75e4b0ffefe3ae2626">https://www.huffpost.com/entry/60-biggest-companies-paid-no-taxes_n_5cb01f75e4b0ffefe3ae2626</a></font>
<h1 class="reader-title">60 Top Corporations Paid $0 Federal
Taxes Under Trump Tax Law</h1>
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<div class="author-card__name"><span>By </span><a
class="author-card__link yr-author-name"
href="https://www.huffpost.com/author/mary-s-papenfuss"
data-ylk="subsec:byline;itc:0" data-rapid-parsed="slk"
data-rapid_p="3" data-v9y="1"><span>Mary Papenfuss</span></a>
- April 12, 2019<br>
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<div data-yaft-module="huffpost-entry-text" id="entry-text"
data-rapid-parsed="sec">
<p>President <a
href="https://www.huffpost.com/news/topic/donald-trump"
target="_blank" rel="noopener noreferrer"
data-ylk="subsec:paragraph;cpos:1;elm:context_link;itc:0"
data-rapid-parsed="slk" data-rapid_p="1" data-v9y="1">Donald
Trump</a>’s new tax law aided corporations so
radically that twice as many companies paid no federal
taxes whatsoever in 2018, despite billions of dollars in
profit, according to a <a
href="https://itep.org/notadime/" target="_blank"
rel="noopener noreferrer"
data-ylk="subsec:paragraph;cpos:1;elm:context_link;itc:0"
data-rapid-parsed="slk" data-rapid_p="2" data-v9y="1">new
study</a>.</p>
<div data-rapid-cpos="2" data-rapid-subsec="paragraph"
data-rapid-parsed="subsec">
<p><a
href="https://www.huffpost.com/impact/topic/amazon"
data-ylk="subsec:paragraph;cpos:2;elm:context_link;itc:0"
data-rapid-parsed="slk" data-rapid_p="3"
data-v9y="1">Amazon</a>, <a
href="https://www.huffpost.com/entertainment/topic/netflix"
data-ylk="subsec:paragraph;cpos:2;elm:context_link;itc:0"
data-rapid-parsed="slk" data-rapid_p="4"
data-v9y="1">Netflix</a>, Chevron, Eli Lilly, Delta
Airlines, General Motors, IBM and Goodyear were among
the tax-free corporate titans, according to an
analysis by the <a href="https://itep.org/"
target="_blank" rel="noopener noreferrer"
data-ylk="subsec:paragraph;cpos:2;elm:context_link;itc:0"
data-rapid-parsed="slk" data-rapid_p="5"
data-v9y="1">Institute on Taxation and Economic
Policy</a>, a Washington think tank, <a
href="https://itep.org/notadime/" target="_blank"
rel="noopener noreferrer"
data-ylk="subsec:paragraph;cpos:2;elm:context_link;itc:0"
data-rapid-parsed="slk" data-rapid_p="6"
data-v9y="1">released Thursday</a>.</p>
</div>
<p>The study found that 60 of some of the largest publicly
held companies paid no taxes — compared with an average
of <a
href="https://itep.org/the-35-percent-corporate-tax-myth/"
target="_blank" rel="noopener noreferrer"
data-ylk="subsec:paragraph;cpos:3;elm:context_link;itc:0"
data-rapid-parsed="slk" data-rapid_p="7" data-v9y="1">about
30 each year </a>from 2008 to 2015, before Trump and
congressional <a
href="https://www.huffpost.com/news/topic/republican-party"
data-ylk="subsec:paragraph;cpos:3;elm:context_link;itc:0"
data-rapid-parsed="slk" data-rapid_p="8" data-v9y="1">Republicans</a>
passed the tax law that took effect in 2018. The measure
<a
href="https://www.huffpost.com/entry/trump-tax-reagan-republican_b_5c3c9693e4b0bc885f74afc3"
target="_blank" rel="noopener noreferrer"
data-ylk="subsec:paragraph;cpos:3;elm:context_link;itc:0"
data-rapid-parsed="slk" data-rapid_p="9" data-v9y="1">heavily
favors corporations and the wealthy</a>. </p>
<p>The analysis is based on 2018 financial filings of the
country’s largest 560 publicly held companies.</p>
<p>The companies that paid nothing in taxes were “able to
zero out their federal income taxes on $79 billion in
U.S. pretax income,” according to the <a
href="hhttps://itep.org/notadime/"
data-ylk="subsec:paragraph;cpos:5;elm:context_link;itc:0"
data-rapid-parsed="slk" data-rapid_p="11" data-v9y="0">study</a>,
first reported by the <a
href="https://publicintegrity.org/" target="_blank"
rel="noopener noreferrer"
data-ylk="subsec:paragraph;cpos:5;elm:context_link;itc:0"
data-rapid-parsed="slk" data-rapid_p="12" data-v9y="0">Center
for Public Integrity</a> and NBC News.</p>
<p>Corporations reaped the benefits of a tax rate slashed
from 35% to 21% in Trump’s tax law, and exploited
various deductions, tax credits and rebates. </p>
<p>“Instead of paying $16.4 billion in taxes, as the new
21 percent corporate tax rate requires, these companies
enjoyed a net corporate tax rebate of $4.3 billion,
blowing a $20.7 billion hole in the federal budget last
year,” the Institute on Taxation and Economic Policy
report says. </p>
<p>Farm equipment manufacturer John Deere, for example,
reported earning $2.15 billion in U.S. income before
taxes. It owed no U.S. taxes in 2018 and reported the
government owes the company $268 million because of
various deductions and credits, the report says. </p>
<p>The cut in the corporate tax rate alone will save
corporations <a
href="https://www.documentcloud.org/documents/5695593-JCT-Cost-by-Provision-Final-Bill-12-18-17.html#document/p3"
data-ylk="subsec:paragraph;cpos:9;elm:context_link;itc:0"
data-rapid-parsed="slk" data-rapid_p="13" data-v9y="0">$1.35
trillion</a> over the next 10 years, according to the
Joint Committee on Taxation.</p>
<p>As for the nation, revenues from the corporate tax fell
by 31% in 2018 to $204 billion.</p>
<p>“This was a more precipitous decline than in any year
of normal economic growth in U.S. history,” Matthew
Gardner, Institute on Taxation and Economic Policy
senior fellow, wrote in the report.</p>
<p>Trump insisted before his law was passed that the
corporate tax cut would pay for itself. He argued that
the giveback would trigger a boom in business operations
that would lead to increased taxes on ballooning income,
which would plug the giant hole in the budget.</p>
<p>But it hasn’t worked out that way. The nation’s budget
<a href="https://www.huffpost.com/impact/topic/deficit"
target="_blank" rel="noopener noreferrer"
data-ylk="subsec:paragraph;cpos:13;elm:context_link;itc:0"
data-rapid-parsed="slk" data-rapid_p="14" data-v9y="0">deficit</a> is
now the biggest in history. </p>
<p>During his campaign, Trump vowed to eliminate the $19.9
trillion national debt in eight years. Instead, it <a
href="https://treasurydirect.gov/NP/debt/search?startMonth=01&startDay=20&startYear=2017&endMonth=02&endDay=14&endYear=2019"
target="_blank" rel="noopener noreferrer"
data-ylk="subsec:paragraph;cpos:14;elm:context_link;itc:0"
data-rapid-parsed="slk" data-rapid_p="15" data-v9y="0">jumped
41.8 percent</a> in just the first four months of this
fiscal year (which runs from October through
September). </p>
<div data-rapid-cpos="15" data-rapid-subsec="paragraph"
data-rapid-parsed="subsec">
<p>An April <a
href="https://www.gao.gov/products/GAO-19-314SP"
target="_blank" rel="noopener noreferrer"
data-ylk="subsec:paragraph;cpos:15;elm:context_link;itc:0"
data-rapid-parsed="slk" data-rapid_p="16"
data-v9y="0">Government Accountability Office report</a> called
the “federal government’s current fiscal path ...
unsustainable.” The cost of interest alone on the
national debt <a
href="http://fortune.com/2019/04/10/the-deficit-is-growing-far-faster-than-predicted/"
target="_blank" rel="noopener noreferrer"
data-ylk="subsec:paragraph;cpos:15;elm:context_link;itc:0"
data-rapid-parsed="slk" data-rapid_p="17"
data-v9y="0">runs $896 million each day.</a></p>
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<p>Trump’s top economic adviser Larry Kudlow insisted
Thursday that “economic growth” has already “<a
href="https://www.bloomberg.com/news/articles/2019-04-11/kudlow-says-trump-s-tax-cuts-already-paying-for-themselves"
target="_blank" rel="noopener noreferrer"
data-ylk="subsec:paragraph;cpos:16;elm:context_link;itc:0"
data-rapid-parsed="slk" data-rapid_p="18" data-v9y="0">paid
for a good chunk</a>” of the tax cuts. The budget
outlook is “not as bad as many people say,” he said.</p>
<p>Bloomberg pointed out that Kudlow’s declaration <a
href="https://www.bloomberg.com/news/articles/2019-04-11/kudlow-says-trump-s-tax-cuts-already-paying-for-themselves"
target="_blank" rel="noopener noreferrer"
data-ylk="subsec:paragraph;cpos:17;elm:context_link;itc:0"
data-rapid-parsed="slk" data-rapid_p="19" data-v9y="0">defies
data</a> from his own administration.</p>
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