When Donald Trump became the President of the United States, he enacted the Tax Cuts and Jobs Act (TCJA). And it’s undoubtedly helped the biggest companies in spades.
After filing their 2018 taxes, a whopping 60 companies out of the famous “Fortune 500” paid $0 in taxes. That’s despite the fact they’re well-known for bringing in billions of dollars each year. The Institute on Taxation and Economic Policy published this report showing all of the following data.
According to Yahoo Finance, there’s been no evidence that these tax cuts have resulted in any wage increases or really anything that may help employees of these companies. With laws like these, it really only helps the top 1% – the rich keep getting richer. Here are the companies that benefited the most from the new legal changes made by the Trump Administration.
60. Activision Blizzard
This video game company is better known as simply “Blizzard.” They’re famous for World of Warcraft, Call of Duty, and Diablo. The company was raking in over $1 billion per quarter in 2018. Despite all of the tax cuts they were able to get out of the new laws, Blizzard still chose to lay off 8% of their workforce.
With all of the new tax cuts they’re able to enjoy from Trump’s new laws, here’s how much they reported out of over $4 billion in revenue.
AECOM is an engineering firm that has over 87,000 employees. They design and build infrastructure in over 150 countries like skyscrapers, stadiums, bridges, tunnels, energy plants, and more. In 2019, they scored the 157th spot in the Fortune 500.
According to their records, the company reported $18 billion in revenue in 2017 and did just as well in 2018. Despite being such a worldwide powerhouse, it was still able to report the following on their taxes.
We all know that Amazon is one of the biggest companies in the world. The CEO, Jeff Bezos, is also considered to be the richest man on the planet and is worth $108 billion. The company itself reported bringing in over $70 billion in revenue just in the fourth quarter of 2018 alone. They surely do not need any help with tax breaks because they only continue to grow larger and more powerful with each passing day.
After Trump’s new tax laws, this is how much Amazon.com was able to report on its 2018 taxes.
Founded in 1997, Ameren is a power company that has only existed for a couple of decades, but it already found its way to a place in the Fortune 500. They service nearly 3 million customers for both electricity and gas.
Even though Ameren serves so many customers across the US, they were still able to benefit from Trump’s tax cuts to a real extreme. Here is what they were able to report.
The American Electric Power Company serves over 5 million customers across 11 states. They rank number 185 in the Fortune 500 and have been growing since 1906. American Electric has several subsidiaries, like AEP Ohio, Appalachian Power, and many more.
At the end of 2018, the net income of American Electric Power was $1.92 billion. This is how much they got away with reporting on their taxes.
You may have seen Aramark trucks driving around, and it may be confusing to pinpoint what they actually do. The company delivers food, uniforms, and also provides services to companies. Typically, you’ll see Aramark servicing schools, corrections facilities, and other government organizations. Believe it or not, they have even spread to an additional 20 countries besides the US.
Aramark made $14.6 billion in revenue in 2018, and this is what they reported on their taxes.
You may not have heard of Arrow Electronics before, but they sit comfortably at number 109 in the Fortune 500 companies. They specialize in creating electronic components for computer systems as well as drones and other machinery.
Out of the multiple billions of dollars in revenue they brought in during 2018, here is how much they reported on their taxes:
Atmos is one of the largest distributors of natural gas in the United States. They service over 3 million customers in the Blue Ridge Mountain area. They have over 4,000 employees. According to Owler, Atmos has $2.9 billion per year in revenue.
Despite bringing billions of dollars per year, these are the numbers they were able to report on their 2018 taxes.
If the name sounds familiar, you may or may not know that Avis Budget Group is the parent company of several car rental companies. This includes Avis, Budget, Payless, Zipcar, and more. They’re so prominent in the vehicle industry that their stock is even called “CAR” on the NASDAQ. According to their fourth-quarter report for 2018, the company grew by 3%, and they had over $9 billion in revenue.
Under Trump’s new law, they were able to report the following for their 2018 income taxes.
Technology and materials company Celanese has its headquarters located in Irving, Texas. They’re the world’s largest producer of a material called vinyl acetate monomer. The company has been involved in several class-action lawsuits where they were caught dumping toxic chemicals.
Despite this bad press, they were still able to maintain their spot in the Fortune 500 and bring in $6.14 billion in 2018.
Based in Jackson, Michigan, CMS Energy services 6 out of 10 million customers in the state. Back in 2011, The International Business Times revealed that CMS Energy was spending millions of dollars in political lobbying. They also continue to increase the paychecks for the top 5 executives. For example, in 2010 alone, the top 5 members of the company were paid over $900 million. Yet again, they’ve been able to enjoy tax cuts along with other lucky members of the 1%.
CMS Energy ranks at number 440 in the Fortune 500, and yet they were still able to pay $0 in taxes.
Everyone knows about John Deere, especially if they live in a farming community. Nearly every farm in the country owns one of their tractors, and their products have amassed a fortune. In 2019, they reached the rank of 87 on the Fortune 500 list.
In 2018, Deere reported earning a whopping $37.36 billion in revenue that year, and yet they reported the following income.
Coming in at number 297 in the Fortune 500, Devon Energy is an oil company located in Oklahoma City, Oklahoma. They have spent billions of dollars acquiring smaller oil companies over the years and only grow more powerful as time goes on.
According to the official Devon Energy website, they earned $2.2 billion in 2018, but this is what they reported on their taxes.
Based out of Detroit, DTE Energy brings power to people in Michigan. It is currently number 220 on the Fortune 500. They have earned just over $1 billion in 2018. While this may be small compared to some of the other companies on this list, it still makes them a massive and powerful corporation.
Located in North Carolina, Duke Energy provides electricity and oil to over 7 million customers. In 2006, they also began to build a nuclear power plant. They have 29,000 employees throughout the United States.
Their annual revenue is estimated to be over $23.5 billion, which is over a billion dollars more than they were earning just two years prior. The company continues to grow in profit, and yet it was able to enjoy the following tax breaks.
Eli Lilly is a pharmaceutical company that is located in Illinois. Their business had spread to have offices in 18 countries around the world, and their products are sold in 125 nations. They are number 123 on the Fortune 500 list. According to MacroTrends, their revenue for 2018 was $24.5 billion.
Despite having so much money coming in from all over the world, they were still able to get away without paying any taxes.
Nearly everyone knows the story of Detroit and the rise and fall of General Motors. For years, GM was bringing jobs to Michigan, but that all ended in 2009 when they declared bankruptcy and received a bailout from the US government that cost between $11 to $12 billion. The city has since slipped into ruin, with houses dropping down to just $1 at one point in time. Today, the company has sent its production to China and Mexico in order to save money. Despite all of its setbacks, the company has been able to bounce back and is number 65 on the Fortune 500.
In 2018, the company that once claimed it could no longer afford to give jobs to Americans made $147 billion for the year. Here is how much they paid in taxes.
You may have heard of Halliburton before because it’s the famous oil field service company that exists in 70 countries. They are currently ranked at 127 in the Fortune 500. According to Chron, Halliburton reported bringing in $24 billion in revenue, and $1 billion of that was profit.
Even though this billion-dollar profit was made clear to everyone, Trump’s tax law still helped them get away with not paying any taxes at all.
Honeywell specializes in aerospace and engineering services. They are number 77 in the Fortune 100, making them one of the most powerful companies in the United States. According to PR News Wire, their total revenue for 2018 gave them a great momentum or the future, and they expect to bring in roughly $36 billion in 2019.
Even though their revenue was in the tens of billions, they were still able to report revenue that looks similar to a high schooler working part-time at McDonald’s.
Nearly everyone has heard of the tech company IBM, which stands for “International Business Machine.” The very first Fortune 500 list was created in 1955, and IBM has been there since the beginning. Technically, they belong in the more prestigious Fortune 100 because their rank is currently 38. In 2018, they brought in $79.6 billion in revenue.
So how much did this powerful company pay in taxes?
JetBlue is an American airline that is famous for giving affordable flights to both domestic and international destinations. They are a relatively new company and stand at number 399 in the Fortune 500. According to Forbes, JetBlue brought in $487 million. Compared to the other companies on this list that are bringing in billions, JetBlue seems small by comparison. But their company keeps getting better every year.
Here is what they actually paid in taxes out of the millions the company earned.
Kinder Morgan is an energy infrastructure company located in Texas that controls a lot of oil pipelines across 85,000 miles. They are ranked number 224 in the Fortune 500. Their revenue was reported to be $13.7 billion for the year.
Despite bringing in tens of billions of dollars for the year, this is what their 2018 taxes looked like.
MDU Resources is a natural gas and electricity company that specializes in transporting construction materials to build its energy resources. They are not a part of the Fortune 500, as their rank is 570.
According to MacroTrends, their 2018 revenue was $4.5 billion. Here’s what they actually reported.
Coming in at number 266 on the Fortune 500, MGM Resorts is famous for creating casinos and hotels in both the US and China. In 2018, they decided to start a new “revenue recognition standard,” which may or may not be a coincidence that this is coming about during the changes in tax law. They reported earning around $3 billion in 2018.
Netflix has become one of the fastest-growing digital services in the world, and it’s singlehandedly responsible for the downfall of DVD rental stores like Blockbuster. In 2019, Netflix made its way to number 197 of the Fortune 500. In 2018, the company brought in an impressive $15.79 billion.
Even though the company continues to grow every year, they hardly had to pay anything in taxes.
Owens Corning produces roofing materials and glass. They’ve been on the Fortune 500 every single year since the list was first created in 1955. According to the business’s official website, its 2018 revenue was $545 million.
This is what they reported on their taxes for 2018.
Penske is a transportation service company. You’ve probably seen their yellow trucks driving down the highway. They are ranked number 132 on the Fortune 500 and have been on the list for years. They brought in $8.6 billion of revenue for 2018.
This is how much Penske had to dish out on their taxes.
As the name suggests, Performance Food Group sells food products throughout the United States. They are ranked 176 on the Fortune 500, and according to Market Watch, they brought in $17.62 billion in 2018.
Pioneer Natural Resources is an oil company that has its headquarters in Texas, but they also pump overseas. They brought in $9.4 billion in 2018. They were just barely on the Fortune 500 with a previous rank of 497 in 2017 but jumped to 333 in 2018.
We all know that the oil companies bring in some of the most profits of any type of business, and yet this is what they were able to report.
If you have ever worked in a corporate office environment, you’ve probably heard of Pitney Bowes. They sell office supplies, furniture, and more. They aren’t on the Fortune 500, hitting rank 659. But they are still doing well with $3.4 billion in revenue.
The office space billionaires only had to pay the following on their taxes.
As the name suggests, Principal Financial is an investment management company that also provides health and life insurance policies to their customers. They’re ranked at number 219 in the Fortune 500 and reported annual revenue of over $14 billion according to Macrotrends.
This is how much they reported on their income taxes.
Prudential is a powerful insurance company based out of Newark, New Jersey. They rank at number 50 in the Fortune 500 and brought in nearly $63 billion according to Macrotrends. This was actually a huge boost compared to previous years, so the company is doing just fine, even without help from the new tax breaks.
With the new law’s help, Prudential was able to report the following numbers on their taxes.
The Public Service Enterprise Group is better known as PSEG. They’re number 323 in the Fortune 500 and have been on the list for 25 years running. With over 13,000 employees, PSEG provides electricity to the East Coast of the United States.
According to their corporate website, their total assets for 2018 were nearly $46 billion. Here’s what they reported on their taxes.
In case you’ve never heard of them, Realogy Holdings owns many real estate brokerage firms like Coldwell Banker, Century 21, Sotheby’s, and more. It was ranked number 478 in the Fortune 500. Their total 2018 revenue for Realogy was $5.8 billion.
Even though they are a major powerhouse in the world of real estate, this is all they had to pay on their taxes.
You’ve probably seen Ryder trucks driving around on the highway. The truck leasing company has been around since 1933 and claims to specialize in “fleet management.” Their rank on the Fortune 500 is 363.
In 2018, they reported revenue of $8.4 billion, and yet this is what ended up on their taxes.
As the name suggests, Salesforce.com specializes in customer relationship management tools. At the moment, they were ranked at number 285 in the Fortune 500, and have been climbing in rank for the past four years. While it may or may not surprise you, the digital service provider earned $13.28 billion in 2018.
SpartanNash is a grocery distributor from Michigan. If you live in the United States, you may have seen their trucks driving on the highways carrying freight of food and other goods. They’re ranked number 377 in the Fortune 500. The actual numbers for how much SpartanNash earned in 2018 vary depending on the reports. However, they made roughly $6 billion per quarter, adding up to over $24 billion for the year.
Here is how much they were able to get away with reporting, thanks to the new tax laws set in place.
Trinity Industries is ranked number 433 in the Fortune 500. They were originally founded as a steel and engineering firm but currently specialize in transporting construction materials, oil, and other resources. Their revenue was $4.4 billion in 2018.
This is how much Trinity Industries paid on their taxes.
UGI is a natural gas and electric company that is located in King of Prussia, Pennsylvania. They’ve been around since the 1800s, so they’ve provided energy to the East Coast of the US for many years. In 2018, they earned over $7.6 billion in revenue.
Here is how much they were able to report on their taxes under Trump’s new law.
Located in Pittsburgh, Pennsylvania, US Steel is the 24th-largest steel manufacturing company in the United States. They’re ranked number 176 in the Fortune 500. In 2018, they earned $12.25 billion in revenue for the year.
Despite being such a successful company, they didn’t have to pay for their taxes in 2018.
Well-known company Whirlpool is famous for selling appliances all over the world. They have 92,000 employees, and they have 70 research and manufacturing centers across the globe. They’ve been estimated to have an average of $21 billion in annual sales.
Even though the company is raking in billions every year, here is what they paid in their 2018 taxes.
The WEC Group provides energy via electricity and natural gas to over four million customers in Wisconsin. They’ve been merging and purchasing smaller energy companies to continue to grow larger and more powerful. According to Macro Trends, The WEC Group was able to earn $7.7 billion in revenue in 2018.
This is how much they reported on their taxes under Trump’s new plan.
For years, Xcel Energy provided natural gas to customers. But in 2018, they announced that they would only provide clean energy to customers through wind farms and solar panels. This makes them the very first major utility company to make a promise to cut down emissions by such at large rate. At least this company is making the right steps towards helping the environment, and the money they are saving in taxes just might help save the planet.
Xcel Energy nets just over $1 billion income each year. Here’s what they paid in taxes.