Thanks to Trump tax cuts, 91 companies paid ZERO in taxes, such as Amazon, Chevron, Delta, Halliburton, Starbucks!

  • 12/27/2019 7:11 am ET • Sneha Konda

Since President Trump—backed by the GOP—signed the new tax law in 2017, corporate companies have received big tax cuts. 91 highly profitable companies, including Amazon, Chevron, Halliburton and IBM, have actually paid nothing in taxes under the new rule.

A new analysis by the Institute on Taxation and Economic Policy (ITEP), a non-profit, non-partisan think tank, studied 379 big businesses and what they pay in federal taxes. This is filed in a report called “Corporate Tax Avoidance in the First Year of the Trump Tax Law” that you can read here.

While 91 corporate firms did not pay any tax, 56 of them paid rates between 0 to 5 percent. Amongst them, Bank of America, J.P. Morgan Chase, Wells Fargo, Amazon, and Verizon—collectively enjoyed more than $16 billion in tax breaks in 2018.

Since the Tax Cuts and Jobs Act (TCJA) was signed into law by Trump, the corporate income tax rate was lowered to 21% — that’s 40% less than the previous 35%.

The companies paid an effective rate of 11.3% on their 2018 income.

That rate, according to the ITEP, “Is likely the lowest effective tax rate in the last 40 years, well below the 14.1 percent effective tax rate that shocked President Reagan into supporting loophole closing reforms.”

While Americans continue to shell out thousands of dollars in taxes every year, another report released last week showed that these tax-free corporations made $1 trillion in profits from overseas and brought it over to the U.S.

Twitter’s sentiments are solid: It’s not about working hard or saving up, it all comes down to the taxes.

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