By Gustavo Andrade, Organizing Director
The numbers are out on the Trump tax cuts, and some of them are staggering: Top polluting companies paid nothing (!) in taxes on billions of dollars of profits last year. According to a new report issued recently by the Institute on Tax and Economic Policy (ITEP, itep.org) a total of 91 corporations paid ZERO taxes in 2019.
Here are some notable examples, along with a rounded estimate of their profits in 2018:
You can find the report here: Corporate Tax Avoidance in the First Year of the Trump Tax Law
If you find this new information shocking, well, so do we! At a time when resources to investigate and treat pollution-related illnesses throughout the country are so scarce, the very people responsible aren’t even paying in their fair share.
These big polluters are just some of the 91 companies who didn’t pay taxes last year. Others mentioned in the report include giants like IBM, Facebook, Eli Lilly and others. Check it out for yourself at: https://itep.org/corporate-tax-avoidance-in-the-first-year-of-the-trump-tax-law/
Tag: taxes
Finally, the ITEP (the Institute on Taxation and Economic Policy) just released a new report, Corporate Tax Avoidance Remains Rampant Under New Tax Law that shows that 60 profitable Fortune 500 companies paid nothing in federal corporate income taxes in 2018. The list of companies will be very familiar to you, including big PhRMA companies like Eli Lilly, that raked in billions in profits by gouging people on insulin costs but paid zero taxes last year. At least 60 of the nation’s biggest corporations didn’t pay a dime in federal income taxes in 2018 on a collective $79 billion in profits. Full Report: https://itep.org/notadime/
News Release: https://itep.org/60-fortune-500-companies-avoided-all-federal-income-tax-in-2018-under-new-tax-law/