You Paid Taxes. These Corporations Didn't

Taxpayers are scrambling to make last-minute payments due to the Internal Revenue Service in just four days, but many of the country’s largest publicly-held corporations are doing better: They’ve reported they owe absolutely nothing on the billions of dollars in profits they earned last year.

At least 60 companies reported that their 2018 federal tax rates amounted to effectively zero, or even less than zero, on income earned on U.S. operations, according to an analysis released today by the Washington, D.C.-based think tank, the Institute on Taxation and Economic Policy. The number is more than twice as many as ITEP found roughly, per year, on average in an earlier, multi-year analysis before the new tax law went into effect.

Among them are household names like technology giant Amazon.com Inc. and entertainment streaming service Netflix Inc., in addition to global oil giant Chevron Corp., pharmaceutical manufacturer Eli Lilly & Co., and farming and commercial equipment manufacturer Deere & Co.

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