Washington Post: Republicans Struggle to Defend Corporate Tax Windfall (Opinion)

Corporations are hard-pressed to scream poverty. The Institute on Taxation and Economic Policy found 55 big companies that paid no federal income taxes at all last year: “The tax-avoiding companies represent various industries and collectively enjoyed almost $40.5 billion in U.S. pretax income in 2020, according to their annual financial reports.” Had they actually paid at the current rate, 21 percent, collectively they would have paid $8.5 billion, the institute found. Instead, these businesses “received $3.5 billion in tax rebates.” In short, “Their total corporate tax breaks for 2020, including $8.5 billion in tax avoidance and $3.5 billion in rebates, comes to $12 billion.”

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