“If you paid $120 for a pair of Nike Air Force 1 shoes, you paid more to Nike than it paid in federal income taxes over the past 3 years,” said Sen. Bernie Sanders.
by Kenny Stancil, staff writer
For millions of ordinary people in the U.S., 2020 was a painful year in which loved ones and jobs were lost as a result of the Covid-19 pandemic and its devastating economic repercussions. But for many of the country’s major corporations, last year was a lucrative one—particularly if they were among the 55 companies that paid $0 in federal income taxes on a combined $40.5 billion in profits, as a new study shows.
https://youtube.com/watch?v=qNg55JDMDHM%3Ffeature%3Doembed
Released Friday, the report is based on the Institute on Taxation and Economic Policy’s (ITEP) analysis of 2020 financial reports filed by the country’s largest publicly traded corporations.
Instead of paying a collective $8.5 billion in federal income taxes on last year’s profits of $40.5 billion, as mandated by the statutory 21% rate, the 55 companies exploited preexisting loopholes and pandemic-related tax breaks to reduce their tax bills to zero.
Not only did these corporations secure a zero-tax liability, they received a collective $3.5 billion in rebates, bringing the total amount of lost federal revenue to $12 billion. And 26 of them haven’t paid a dime for the past three years.
Go HERE for report. Go HERE for article.