America’s largest, consistently profitable corporations saw their effective tax rates fall from an average of 22.0 percent to an average of 12.8 percent after the Trump tax law went into effect in 2018.

The 296 largest and consistently profitable U.S. corporations in this study paid $240 billion less in taxes from 2018 to 2021 than if they had continued to pay the effective rates they’d paid before the Trump tax law.

While profits for the largest, continuously profitable U.S. corporations rose by 44 percent after passage of the Trump tax law, their federal tax bills dropped by 16 percent.

The number of these corporations paying tax rates of less than 10 percent increased from 56 to 95 after the Trump tax law went into effect.

Many of the largest and most well-known corporations in the country — including Walmart, Verizon, Disney, and Meta — had the largest tax reductions after the Trump tax law went into effect.

https://itep.org/corporate-taxes-before-and-after-the-trump-tax-law/