Pitched as the long-awaited salvation of a broken system, President Donald Trump's overhaul of the corporate tax code appears to have in fact doubled the number of major profitable corporations that find a way to pay zero dollars in income tax.
There were 60 such firms listed on the Fortune 500, a new report from the Institute on Taxation and Economic Policy (ITEP) showed Thursday, with a combined $79 billion in pre-tax revenue and nothing paid to the U.S. government in income tax. The group's previous research had found an average of 30 profitable zero-tax firms per year in the decade before Trump's tax law.
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