Post by cliffs on Apr 3, 2021 11:03:07 GMT
Just as the Biden administration is pushing to raise taxes on corporations, a new study finds that at least 55 of America’s largest firms paid no taxes last year on billions of dollars in profits.
Twenty-six of the companies listed, including FedEx, Duke Energy and Nike, were able to avoid paying any federal income tax for the last three years even though they reported a combined income of $77 billion. Many also received millions of dollars in tax rebates.
Companies’ tax returns are private, but publicly traded corporations are required to file financial reports that include federal income tax expense. The institute used that data along with other information supplied by each company on its pretax income.
Twenty-six of the companies listed, including FedEx, Duke Energy and Nike, were able to avoid paying any federal income tax for the last three years even though they reported a combined income of $77 billion. Many also received millions of dollars in tax rebates.
Companies’ tax returns are private, but publicly traded corporations are required to file financial reports that include federal income tax expense. The institute used that data along with other information supplied by each company on its pretax income.
