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.
Federal Tax: $-228
Effective Tax Rate: -51%