https://www.huffpost.com/entry/corporate-tax-dodge_n_65dfacf6e4b0e4346d54dff2
America's Largest Companies Dodged Nearly $300 Billion In Taxes, Report Finds
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.
The findings underscore that the 21% corporate tax rate is “a fiction,” said Matt Gardner, the lead author and an ITEP senior fellow — particularly for huge multinationals.
“The companies most successful at doing this international tax evasion dance… have a roomful of lawyers and accountants whose job it is to redefine taxable income, to move income around on paper in a way you hope will avoid taxes.”
Most Helpful Opinions