Most people in the U.S. need to pay federal income taxes – but dozens of the most profitable U.S. corporations do not. A recent report by the Institute on Tax and Economic Policy finds that 60 profitable companies that are on the Fortune 500 list paid no federal income taxes in 2018. These include many well known brands, such as Netflix, JetBlue, Goodyear, and Avis. The list also include Amazon – the most valuable company in the world, whose CEO, Jeff Bezos, is the world’s richest person. All told, the 60 companies on the list did not merely avoid paying $16.4 billion in federal income taxes – they actually received a net tax rebate of $4.3 billion. While Amazon’s presence on the list has garnered headlines , what’s less noted is that a whopping 40% – 24 of the 60 companies – are tied to the oil, gas, and […]

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