“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,” the Institute on Taxation and Economic Policy report says.
During his campaign, Trump vowed to eliminate the $19.9 trillion national debt in eight years. Instead, it jumped 41.8 percent in just the first four months of this fiscal year (which runs from October through September). “
Amazon, Chevron, Netflix, Eli Lilly, IBM and General Motors are reaping tax cut benefits and paying nothing.