Multinational sportswear corporation Nike is among at least 26 corporations that have paid zero dollars in federal income taxes since 2018, a new report details.
Analysis conducted by the Institute on Taxation and Economic Policy reveals that in 2020, at least 55 of the nation’s biggest corporations paid nothing in federal income taxes. Of those 55 corporations, 26 have paid no federal income tax since 2018.
Last year, the 55 corporations enjoyed close to $40.5 billion in pre-tax income, according to the analysis. The corporations would have paid $8.5 billion collectively if they had paid the 21 percent tax rate for corporate profits.
Instead, the corporations received $3.5 billion in tax rebates and their total corporate tax breaks for last year total $12 billion.
Among the corporations paying nothing in federal income taxes in 2020 are Nike, Charter Communications, Dish Network, FedEx, HP, Salesforce.com, Telephone and Data Systems, Fiserv, Akamai Technologies, and Lincoln National.
Specifically, FedEx paid zero federal income tax on $1.2 billion in pre-tax income last year, while Nike paid zero federal income tax on $2.9 billion of pre-tax income. The Dish Network, with pre-tax income of $2.5 billion in 2020, also paid nothing, and Salesforce.com avoided federal income taxes on its $2.6 billion pre-tax income.
As noted, 26 of the 55 corporations have been able to escape all federal income tax since 2018, the analysis reveals. Between 2018 to 2020, these 26 corporations were profitable each year but paid nothing in federal income taxes on their collective $77 billion pre-tax income and $4.6 billion worth of tax rebates.
and yet you were worried about orange man
And yet Biden & his Dems always say they Will tax the Rich & we won’t have our taxes raised !!!!!
We all know the Rich Never pay any taxes & ONLY the middle class & poor Do !!!!! Nothing New