Tailoring Gilbert damping of metallic ferromagnetic thin films is one of the central interests in spintronics applications. Here we report a giant Gilbert damping anisotropy in epitaxial Co$_{50}$Fe$_{50}$ thin film with a maximum-minimum damping ratio of 400 %, determined by broadband spin-torque as well as inductive ferromagnetic resonance. We conclude that the origin of this damping anisotropy is the variation of the spin orbit coupling for different magnetization orientations in the cubic lattice, which is further corroborate from the magnitude of the anisotropic magnetoresistance in Co$_{50}$Fe$_{50}$.