Twenty-four companies paying less than zero in federal income taxes in 1998

from ITEP (Institute on Taxation and Economic Policy)

19 October 2000

In 1998, twenty-four corporations got tax rebates. These 24 companies – almost one out of ten of the companies in the study – reported U.S. profits before taxes in 1998 of $12.0 billion, yet received tax rebates totaling $1.3 billion. The list of big-name companies getting tax rebates in 1998 included, among others, Texaco, Chevron, CSX, Pepsico, Pfizer, J.P. Morgan, Goodyear, Enron, General Motors, Phillips Petroleum and Northrop Grumman.

All amounts in millions of US dollars
Company	98 Profit	98 Tax Rebate	98 Rate
Lyondell Chemical	$ 80.0	$ –44.0	–55.0%
Texaco	182.0	–67.7	–37.2%
Chevron	708.0	–186.8	–26.4%
CSX	386.6	–102.1	–26.4%
Tosco	227.4	–46.7	–20.6%
PepsiCo	1,583.0	–302.0	–19.1%
Owens & Minor	46.1	–7.9	–17.1%
Pfizer	1,197.6	–197.2	–16.5%
J.P. Morgan	481.1	–62.3	–12.9%
Saks	83.0	–7.9	–9.5%
Goodyear	400.7	–33.2	–8.3%
Ryder	227.5	–16.4	–7.2%
Enron	189.0	–12.5	–6.6%
Colgate-Palmolive	348.5	–19.6	–5.6%
MCI Worldcom	2,724.2	–112.6	–4.1%
Eaton	478.8	–18.0	–3.8%
Weyerhaeuser	405.0	–9.5	–2.3%
General Motors	952.0	–19.0	–2.0%
El Paso Energy	383.7	–3.0	–0.8%
WestPoint Stevens	142.6	–1.2	–0.8%
MedPartners	49.6	–0.4	–0.7%
Phillips Petroleum	145.0	–1.1	–0.7%
McKesson	234.0	–1.0	–0.4%
Northrop Grumman	297.7	–1.0	–0.3%
TOTALS, THESE 24 COS.	$ 11,953.0	$ –1,272.9	–10.6%