The Hill: 55 Major Companies Paid Zero Federal Income Tax in 2020: Watchdog
media mentionAt least 55 major profitable companies didn’t pay any federal corporate income taxes last year, according a report by the left-leaning Institute on Taxation and Economic Policy (ITEP).
The group faulted the GOP tax cuts passed in 2017 as well as tax breaks enacted in the first major coronavirus relief bill passed early last year as contributing factors.
“This continues a decades-long trend of corporate tax avoidance by the biggest U.S. corporations, and it appears to be the product of long-standing tax breaks preserved or expanded by the 2017 Tax Cuts and Jobs Act (TCJA) as well as the CARES Act tax breaks enacted in the spring of 2020,” the group wrote in its report on the findings.