Happy Tax Day: Here Are 60 Giant Corporations That Paid Less in Taxes Than You Did

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Tax Day 2019 is here! Monday, April 15, is when taxes are due, so you are probably keenly aware of how much you pay in taxes right now. It may come as a shock to also learn that some of America’s biggest corporations pay less in taxes than you do — in fact, they are receiving billions back from the government via tax rebates.

The left-leaning Institute on Taxation and Economic Policy (ITEP) recently published a report highlighting 60 profitable Fortune 500 companies that collectively reported $79 billion in income last year — and are also paying $0 in federal taxes.

The companies reportedly paying $0 in federal income taxes for 2018 include Amazon, Netflix, IBM, Halliburton, Chevron, Deere, Delta Air Lines, General Motors, Honeywell, Prudential Financial, and Whirlpool. What’s more, nearly all of the companies in the report are receiving money back from the government, and it adds up to an insane net payout of $4.3 billion.

Amazon, for example, reported nearly $11 billion in income for the 2018 tax year, and the e-retail giant, founded by world’s richest man Jeff Bezos, is claiming a tax rebate of $129 million. That’s good for an effective tax rate of -1%.

http://money.com/money/5641759/tax-day-2019-amazon-netflix-pay-no-taxes/

[panader0]

1. Disgust is a word that cannot begin to describe this travesty.

[Delmette2.0]

2. I ask that a tax accountant or any accountant tell me if I'm correct.

When an employer pays employee wages that is a business expense that reduces the net profit of the company. So, if the employer increases wages for employees the profit is less. When the profit is less their taxable company income is less. Right?

So why do companies resist increasing wages to a livable wage?