The Washington Post: Biden’s favorite stat — that 55 major corporations paid no federal income tax

The number comes from a report issued in April by the left-leaning Institute on Taxation and Economic Policy (ITEP). The group studied the corporate filings with the Securities and Exchange Commission of companies listed in the Fortune 500, zeroing in on companies that posted profits.

In 2020, ITEP found, 55 profitable companies indicated that they paid no federal income tax even though they collectively earned almost $40.5 billion in pretax income. ITEP previously had reported that 91 companies paid no federal income tax in 2018, so the situation has improved. Read more