As many as 55 of the U.S.’ largest corporations did not pay any federal taxes on their 2020 profits, according to the Institute on Tax and Economic Policy (ITEP).
The companies, which include Con Edison, Dish Network, FedEx, HP, Nike and Salesforce, reportedly made almost $40.5 billion combined in U.S. pretax income last year. Because of tax breaks under the 2017 Tax Cuts and Jobs Act (TCJA) and the 2020 CARES Act, they have been able to avoid federal income taxation for years, ITEP’s report points out. Had the corporations paid the 21% federal tax rate for corporate profits, they would have shelled out $8.5 billion, it further adds.
