- A new report from the Institute on Taxation and Economic Policy found that 55 large U.S. companies paid no federal taxes last year
- They have used a mix of the Trump tax break, which cut corporate tax rate from 35% to 21% as well as legal deductions and exemptions to get their taxes to $0
- The report found that 26 of these companies have paid nothing over the last three years despite earning and income of $77 billion
- FedEx earned $6.8 billion over three years of Trump tax cuts but was able to escape taxes due to loopholes and ended up with a tax rate of -12.8%
- Nike earned $4.1 billion in 2018, 2019 and 2020 but had an effective tax rate of -18.0%
Daily Mail: Some of America’s largest companies paid no federal taxes last year despite making billions in revenue.
In 2017, then-President Donald Trump signed a new bill law that slashed the corporate tax rate from 35 percent to 21 percent.
But some companies have been able to pay $0 due to legal deductions and exemptions despite enjoying incomes in the billions.
A total of 55 companies were named in the report, done by the Institute on Taxation and Economic Policy (ITEP) representing industries such as telecommunications, utilities and computers.
A further analysis found that 26 of those companies, including FedEx and Nike, have paid no federal income tax for at least three years due the Trump tax cuts.
It comes as President Joe Biden currently proposes raising the corporate tax rate up to 28 percent.