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Corporate taxation has always been a controversial topic. While many believe corporations should pay higher taxes, corporations have both a duty to generate profits for their shareholders and the legal right to reduce their tax burdens to the fullest extent of the law. Still, it can be amazing that many of America’s best-known companies have not only failed to pay taxes in recent years, but have actually received multi-million dollar refunds.
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To determine the extent to which there are companies that have not paid taxes recently, GOBankingRates used the Institute for Taxes and Economic Policy’s “Corporate Tax Avoidance in First Year Trump Tax Act” piece to identify 84 Fortune 500 companies that did didn’t do this. t pay income tax in 2018, the year with the most recent data available.
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What stands out most about the data is not that there are 84 Fortune 500 companies that didn’t pay taxes, but that 82 of them actually received significant refunds. Of course, as with all data and statistics, these numbers need to be seen in context. A refund of $ 100 million or more does not mean a company has been circumventing tax laws. In many cases, large refunds are the result of large business losses or the receipt of tax credits for various qualified business activities. Still, some of the numbers open your eyes. So take a closer look at 20 of the biggest names on the list and see the rest at the end.
Last updated: January 25, 2021
Alaska Air Group
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Taxes paid: – $ 5 million
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Tax rate: -0.9%
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Benefit: $ 576 million
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Ally Finance
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Taxes paid: – $ 12 million
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Tax rate: -0.8%
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Benefit: $ 1.587 billion
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MGM Resorts International
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Taxes paid: – $ 12 million
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Tax rate: -1.8%
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Benefit: $ 648 million
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Netflix
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Taxes paid: – $ 22 million
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Tax rate: -2.5%
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Benefit: $ 899 million
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Goodyear Rubber & Tires
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Taxes paid: – $ 23 million
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Tax rate: -5.2%
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Benefit: $ 440 million
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Molson Coors
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Taxes paid: – $ 23 million
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Tax rate: -1.7%
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Benefit: $ 1.325 billion
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Occidental Petroleum
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Taxes paid: – $ 23 million
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Tax rate: -0.7%
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Benefit: $ 3.379 billion
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Levi Strauss
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Taxes paid: – $ 25 million
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Tax rate: -17.3%
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Benefit: $ 145 million
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Nvidia
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Taxes paid: – $ 32 million
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Tax rate: -1.7%
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Benefit: $ 1.843 billion
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Avis Budget Group
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Taxes paid: – $ 37 million
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Tax rate: -47.4%
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Benefit: $ 78 million
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JetBlue Airways
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Taxes paid: – $ 60 million
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Tax rate:-27.4%
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Benefit: $ 219 million
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Starbucks
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Taxes paid: – $ 75 million
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Tax rate: -1.6%
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Benefit: $ 4.774 billion
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General Motors
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FedEx
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Amazon.com
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Chevron
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Delta Airlines
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Duke Energy
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The rest of the list
Sanmina-SCI: Taxes Paid: $ 0
ABM Industries: Taxes Paid: $ 0
Andersons: Taxes Paid: – $ 1 million
AK Stahlholding: Taxes Paid: – $ 1 million
Cliffs natural resources: Taxes Paid: – $ 1 million
SpartanNash: Taxes Paid: – $ 2 million
Builders FirstSource: Taxes Paid: – $ 2 million
UGI: Taxes Paid: – $ 3 million
Beacon Roofing Supply: Taxes Paid: – $ 4 million
SPX: Taxes Paid: – $ 4 million
West skirt: Taxes Paid: – $ 4 million
Owens Corning: Taxes Paid: – $ 5 million
Health care principle: Taxes Paid: – $ 6 million
Mohawk Industries: Taxes Paid: – $ 6 million
DXC technology: Taxes Paid: – $ 6 million
Darden restaurants: Taxes Paid: – $ 7 million
INTL FCStone: Taxes Paid: – $ 10 million
Murphy Oil: Taxes Paid: – $ 10 million
Atmos Energy: Taxes Paid: – $ 10 million
Ameren: Taxes Paid: – $ 10 million
McKesson: Taxes Paid: – $ 10 million
Gannet: Taxes Paid: – $ 11 million
Reallogy: Taxes Paid: – $ 13 million
Penske Automotive Group: Taxes Paid: – $ 13 million
Devon Energy: Taxes Paid: – $ 14 million
MDU resources: Taxes Paid: – $ 16 million
FirstEnergy: Taxes Paid: – $ 16 million
Air Products & Chemicals: Taxes Paid: – $ 17 million
DTE Energy: Taxes Paid: – $ 17 million
Hartford Financial Services: Taxes Paid: – $ 18 million
Trinity Industries: Taxes Paid: – $ 19 million
Halliburton: Taxes Paid: – $ 19 million
PPL: Taxes Paid: – $ 19 million
Morgan children: Taxes Paid: – $ 22 million
tapestry: Taxes Paid:-$ 24 million
Pitney Bowes: Taxes Paid: – $ 26 million
Phillips-Van Heusen: Taxes Paid: – $ 31 million
American electrical energy: Taxes Paid: – $ 32 million
Xcel Energy: Taxes Paid: – $ 34 million
United States Steel: Taxes Paid: – $ 40 million
Rockwell Collins: Taxes Paid: – $ 40 million
PulteGroup: Taxes Paid: – $ 44 million
Dominion resources: Taxes Paid: – $ 44 million
Ryder system: Taxes Paid: – $ 47 million
Aramark: Taxes Paid: – $ 48 million
Eli Lilly: Taxes Paid: – $ 54 million
Home finance: Taxes Paid: – $ 55 million
Edison International: Taxes Paid: – $ 55 million
CMS Energy: Taxes Paid: – $ 67 million
Honeywell International: Taxes Paid: – $ 71 million
Freeport-McMoRan Copper & Gold: Taxes Paid: – $ 75 million
Williams: Taxes Paid: – $ 83 million
Corporate group for the public service: Taxes Paid: – $ 97 million
Whirlpool: Taxes Paid: – $ 110 million
DowDuPont: Taxes Paid: – $ 119 million
First dates: Taxes Paid: – $ 121 million
Celanese: Taxes Paid: – $ 142 million
Brighthouse Financial: Taxes Paid: – $ 166 million
AECOM technology: Taxes Paid: – $ 186 million
Prudential Financial: Taxes Paid: – $ 210 million
WEC Energy Group: Taxes paid; – $ 218 million
EOG resources: Taxes Paid: – $ 304 million
International business machines: Taxes Paid: – $ 342 million
CenturyLink: Taxes Paid: – $ 576 million
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Methodology: GOBankingRates used the Institute for Taxes and Economic Policy’s “Corporate Tax Avoidance in First Year Trump Tax Law” to find 84 Fortune 500 companies that paid US $ 0 income tax in 2018 (latest data available). GOBankingRates found (1) profit 2018; (2) taxes paid in 2018; and (3) tax rate for each company. All data was collected on and on January 4, 2021.
This article originally appeared on GOBankingRates.com: Fortune 500 Companies That Have Not Been Paying Federal Taxes Recently