President Trump on Dec. 13. Photo: Alex Wong/Getty Images

91 Fortune 500 companies paid no federal income taxes on their U.S. income last year, according to a report released Monday by the Institute on Taxation and Economic Policy.

Why it matters: Some of the companies that paid no federal income tax last year still made billions of dollars — and they include some of the country's biggest names, like Amazon, Chevron, Halliburton and IBM.

The big picture: The 379 profitable members of the Fortune 500 paid an effective federal tax rate of 11.3% last year — almost half of the 21% corporate rate established under President Trump's 2017 tax revamp.

  • That effective rate was the lowest since the organization began publishing its corporate tax studies in 1984.
  • Large companies were able to pay lower rates through a combination of deductions, tax breaks and other loopholes.
  • Had those companies paid the statutory 21% rate on their profits, they would have collectively owed the federal government an additional $73.9 billion.

The state of play: Despite strong economic growth, the federal deficit is soaring. In the first 11 months of fiscal year 2019, it exceeded $1 trillion and has already hit $342 billion for the first two months of 2020's fiscal year.

  • The lower corporate tax rate isn't the sole driver of the deficit, but it certainly contributes. Corporate tax revenue dropped from about $297 billion in 2017 to $204 billion in 2018.

Go deeper: Tax cuts could be a curse for U.S. companies

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Updated 36 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 1:30 p.m. ET: 32,919,487 — Total deaths: 995,352 — Total recoveries: 22,770,166Map.
  2. U.S.: Total confirmed cases as of 1:30 p.m. ET: 7,089,611 — Total deaths: 204,566 — Total recoveries: 2,750,459 — Total tests: 100,492,536Map.
  3. States: New York daily cases top 1,000 for first time since June — U.S. reports over 55,000 new coronavirus cases.
  4. Health: The long-term pain of the mental health pandemicFewer than 10% of Americans have coronavirus antibodies.
  5. Business: Millions start new businesses in time of coronavirus.
  6. Education: Summer college enrollment offers a glimpse of COVID-19's effect.

Biden on Supreme Court fight: "This is about whether or not the ACA will exist"

Joe Biden made health care the overwhelming focus of his remarks from Wilmington, Delaware, on Sunday, stressing that the Senate confirmation battle over Judge Amy Coney Barrett's nomination to the Supreme Court is about preserving the Affordable Care Act in the midst of a pandemic.

Why it matters: Democrats are aggressively pushing the message that Barrett, who has previously criticized Chief Justice John Roberts for his 2012 ruling salvaging the ACA, will seek to invalidate the law when the Supreme Court hears a Trump administration-backed lawsuit against it on Nov. 10.

McMaster: Trump's peaceful transition comments are a "gift to our adversaries"

President Trump's refusal to commit to a peaceful transfer of power if he loses November's presidential election is a "gift to our adversaries," Trump's former national security adviser H.R. McMaster said Sunday.

The big picture: McMaster, a retired three-star general, said that the American people must understand that the military will have "no role" in a presidential transition and that it's "irresponsible" to even talk about it as a possibility.