60 Profitable Fortune 500 Companies Avoided All Federal Income Taxes in 2018

60 Profitable Fortune 500 Companies Avoided All Federal Income Taxes in 2018

For decades, profitable Fortune 500 companies have manipulated the tax system to avoid paying even a dime in tax on billions of dollars in U.S. profits. This ITEP report provides the first comprehensive look at how corporate tax changes under the 2017 Tax Cuts and Jobs Act affect the scale of corporate tax avoidance. The report finds that in 2018, 60 of America’s biggest corporations zeroed out their federal income taxes on $79 billion in U.S. pretax income. Instead of paying $16.4 billion in taxes at the 21 percent statutory corporate tax rate, these companies enjoyed a net corporate tax rebate of $4.3 billion.

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Republican States Are More Dependent On Government

Republican States Are More Dependent On Government

That's according to a recent analysis from the personal finance site WalletHub, which ranked states based on how much they rely on Uncle Sam to support their state finances. 

To calculate states' dependence, WalletHub analyzed three metrics: how much a state gets in federal funding per every dollar it pays in federal income taxes, the percentage of state funding that comes from the federal government and the number of federal employees per capita, both military and civilian...

New Mexico is the most-dependent state in the U.S., according to WalletHub's data. The state gets $2.19 in federal funding for every dollar paid in federal income taxes. In contrast, New Jersey, which is the least-dependent state, gets only about 50 cents in federal funding for every dollar paid in taxes, WalletHub calculated. 

The analysis found that red states, or those that voted Republican in the 2012 presidential election, were much more likely to depend on the government than blue states. 

That's somewhat ironic, considering the Republican Party's general reluctance to support federally funded initiatives like Medicaid expansion, and its long-term dedication to across-the-board budget cuts to slash the federal deficit.