The Center for Public Integrity along with NBC News has produced a table on how much tax specific companies have paid to the Federal government. When analyzing Federal tax rates it is crucially important to ignore the nominal tax rates. The tax code is so ridden with loopholes that the tax rate is meaningless. Instead we need to focus on exactly how much money companies actually pay to the government. From this perspective, it is painful to realize how much I have been subsidizing these companies by paying much more than them in taxes.
“The identified companies were “able to zero out their federal income taxes on $79 billion in U.S. pretax income,” according to the ITEP report, which was released today. “Instead of paying $16.4 billion in taxes, as the new 21 percent corporate tax rate requires, these companies enjoyed a net corporate tax rebate of $4.3 billion, blowing a $20.7 billion hole in the federal budget last year.” To compile the list, ITEP analyzed the 2018 financial filings of the country’s largest 560 publicly-held companies.
“The following is a list of the country’s largest publicly-held profitable corporations that paid no federal income taxes in 2018 on billions in U.S. income, according to ITEP analysis of 560 companies. ITEP reports U.S. income before federal taxes, and takes into consideration paid state and local taxes, which could reduce or increase U.S. income. The report does not look at total tax provision, a number that could include foreign taxes and deferred taxes. All figures, except for tax rate, are in millions.”
| Company | U.S. Income | Federal Tax | Effective Tax Rate |
| Amazon.com | $10,835 | –129 | –1% |
| Delta Air Lines | $5,073 | –187 | –4% |
| Chevron | $4,547 | –181 | –4% |
| General Motors | $4,320 | –104 | –2% |
| EOG Resources | $4,067 | –304 | –7% |
| Occidental Petroleum | $3,379 | –23 | –1% |
| Honeywell International | $2,830 | –21 | –1% |
| Deere | $2,152 | –268 | –12% |
| American Electric Power | $1,943 | –32 | –2% |
| Principal Financial | $1,641 | –49 | –3% |
| FirstEnergy | $1,495 | –16 | –1% |
| Prudential Financial | $1,440 | –346 | –24% |
| Xcel Energy | $1,434 | –34 | –2% |
| Devon Energy | $1,297 | –14 | –1% |
| DTE Energy | $1,215 | –17 | –1% |
| Halliburton | $1,082 | –19 | –2% |
| Netflix | $856 | –22 | –3% |
| Whirlpool | $717 | –70 | –10% |
| Eli Lilly | $598 | –54 | –9% |
| IBM | $500 | –342 | –68% |
| Goodyear Tire & Rubber | $440 | –15 | –3% |
| Penske Automotive Group | $393 | –16 | –4% |
| Aramark | $315 | –48 | –15% |
| AECOM Technology | $238 | –122 | –51% |
| Tech Data | $203 | –10 | –5% |
| Performance Food Group | $192 | –9 | –4% |
| Arrow Electronics | $167 | –12 | –7% |
| Source: Institute on Taxation and Economic Policy |
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