Amazon, Walmart Win Chunk of $65 Billion Trump Tax Cut Windfall

Some of the country’s wealthiest corporations are calculating they owe far less to the Internal Revenue Service as a result of President Donald Trump’s overhauled tax code, underscoring how a law billed as a middle‑class cut also turned out to be a big win for Corporate America.

Nearly a dozen of the 50 biggest US-listed companies attributed a drop in federal cash income taxes last year as a direct result of Trump’s $3.4 trillion sweeping tax law, according to a Bloomberg analysis of regulatory filings. In all, annual corporate tax revenues dropped by $65 billion following the law’s passage. ...