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/
Day: April 15, 2019
An investigation by USA TODAY, The Arizona Republic and the Center for Public Integrity. Each year, state lawmakers across the U.S. introduce thousands of bills dreamed up and written by corporations, industry groups and think tanks. Read more…