Fifty-five of the nation’s largest corporations paid no federal income tax on more than $40 billion in profits last year, according to an analysis by the Institute on Taxation and Economic Policy, a progressive think tank. In fact, they received a combined federal rebate of more than $3 billion, for an effective tax rate of approximately negative 9 percent. The findings also underscore the favorable tax environment for big businesses in the wake of the 2017 Trump tax cuts. Twenty-six corporations have paid no federal income taxes since 2017, according to the report, including such household names as Nike, FedEx and Dish Network. Combined, the 26 companies have booked more than $77 billion in profits since 2018, while receiving nearly $5 billion in rebates, for an effective three-year tax rate of negative 6 percent. “By all appearances, the companies described in this report appear to be using entirely legal means to reduce their tax bills,” lead author Matthew Gardner said via email. But that doesn’t mean the companies are “blameless,” he added. “Many of the tax provisions these companies are using exist because they themselves have lobbied heavily for their creation.” follow @joseifworldblog.page : : : #aljazeer#archive #earrhofficial #earthtypography #washingtonpost #marcucipal#cnnnews#bbcearth #bbcnews #joseifworld#petemcbride #rodneyking #everest #naturephotography #nature #naturelovers#unitednations #unicef #unitedstate#cbstv #nbcnews #chanel #instagram #guinnessworldrecords#repost #eagle #worldnews #worldwide #nigeria #worldstar https://www.instagram.com/p/CNTPCp4Ml_G/?igshid=meh3l7k89tv2
