Washington Post: What Americans Will Get from Biden’s $2 Trillion Infrastructure Plan (Opinion)
media mentionIn addition, a new report from the Institute of Taxation and Economic Policy underscores how well corporations did over the last four years, with 55 big corporations paying no federal corporate income tax. ITEP reports:
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. The statutory federal tax rate for corporate profits is 21 percent. The 55 corporations would have paid a collective total of $8.5 billion for the year had they paid that rate on their 2020 income. Instead, they received $3.5 billion in tax rebates.
Their total corporate tax breaks for 2020, including $8.5 billion in tax avoidance and $3.5 billion in rebates, comes to $12 billion.