Specialists from the non-profit Institute for Taxation and Economic Policy ( Institute on Taxation and Economic Policy ) analyzed the tax reports of Fortune 500 companies filed with the U.S. Securities and Exchange Commission and found 60 corporations that did not pay federal income tax in 2018. . About this writes Business Insider.
Since 2017, the income tax rate for US resident corporations has been 21%. However, thanks to loopholes in the law, companies can receive large tax benefits, the publication points out.
Out of 60 corporations, Business Insider selected 11 technology and transport companies that did not pay the federal income tax in 2018, and whose benefits turned out to be more than the tax itself:
- The developer of computer games Activision Blizzard: income in 2018 – $ 447 million, federal tax after benefits – – $ 228 million. The company said that they did not receive tax refunds for 2018, and actually paid about $ 100 million of other taxes.
- Amazon: $ 10.8 billion, – $ 129 million. The company noted that in addition to federal income tax, Amazon paid “billions of dollars” of taxes in the United States, including $ 2.6 billion of corporate tax and $ 3.4 billion of tax costs over the past three years. .
- Delta Airlines: $ 5 billion, – $ 187 million
- General Motors: $ 4.32 billion, – $ 104 million.
- Goodyear tire manufacturer: $ 440 million, – $ 15 million.
- IBM: $ 500 million, – $ 342 million
- JetBlue: $ 219 million, – $ 60 million.
- Netflix: $ 856 million, – $ 22 million
- Software maker Pitney Bowes: $ 125 million, – $ 50 million. The company said it paid other taxes in the amount of $ 127 million in 2016, $ 53 million in 2017 and $ 26 million in 2018. The decrease is due to the sale of the production and postal unit in 2018.
- Salesforce: $ 800 million, the exact amount of the tax is unknown. The company report only indicated that Salesforce received $ 132 million in tax benefits.
- Tech Data IT Product Distributor: $ 210 Million – $ 10 Million