Center for Political Awareness

America’s Largest Companies Dodged Nearly $300 Billion in Taxes, Report Finds

An examination of 342 companies from 2018 to 2022 found the vast majority using loopholes and tax breaks to avoid taxes on profits. Some paid nothing in federal taxes. (Click image for article.)

View from below of office towers in Lower Manhattan, New York City, USA NICO DE PASQUALE PHOTOGRAPHY VIA GETTY IMAGES

 

The country’s largest companies dodged more than $275 billion in federal corporate income taxes from 2018 to 2022, a new report from the nonprofit Institute on Taxation and Economic Policy finds.

The report examined corporate income taxes paid by 342 of the country’s largest companies from 2018 to 2022, the latest year for which companies have reported their earnings. All of them were profitable in all five years covered by the report.

Yet the vast majority used loopholes and special tax breaks to pay an effective federal income tax rate well below 21%, the rate they were required to pay on paper. And 109 — or nearly one out of every three — found a way to pay zero federal income taxes in at least one year out of the five. Those same 109 corporations scored $14.34 billion in federal tax rebates over the five year period.

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