Select Media Mentions
Business Insider: Biden says he wants a 28% corporate tax rate because he’s ‘sick and tired of ordinary people being fleeced’
April 8, 2021
The president blasted companies paying little or no federal taxes, without naming them. He cited a recent report from the left-leaning Institute on Taxation and Economic Policy that found that 55 US multinational corporations paid $0 in income taxes last year. That roster included household names like FedEx, Nike, and HP. “It’s just not fair. […]
Bloomberg: Biden Tax Plan Seen Hitting Tech, Pharmaceutical Companies
April 8, 2021
The provisions — part of the administration’s plan to finance a $2.25 trillion infrastructure package — mean that tech and pharmaceutical companies could lose many of the tax-planning tools that allowed them to pay low rates for years. “This is aiming to prevent gaming the system entirely,” said Matthew Gardner, a senior fellow at the […]
Salon: America’s Biggest Corporations Paid No Federal Income Taxes Last Year: Study
April 7, 2021
According to a new study, conservative policies look to have helped a handful of large companies mooch off the federal government in 2020. The Institute on Taxation and Economic Policy, a progressive think tank, revealed in a report last week that no fewer than 55 of America’s biggest businesses did not pay any federal corporate […]
CQ Roll Call: It’s Spring, the Sap Is Rising — and Congress Turns Its Thoughts to Taxes (Column)
April 7, 2021
In similar paint-by-numbers fashion, the Biden White House is flogging studies by liberal think tanks highlighting how many major corporations have avoided paying any income taxes in recent years. For example, the Institute on Taxation and Economic Policy estimated that at least 55 profitable companies (including Nike, Salesforce and FedEx) took a tax holiday in […]
Akron Beacon Journal: FirstEnergy, AEP among 55 Companies that Paid Zero Federal Income Taxes in 2020, Report Shows
April 7, 2021
FirstEnergy and AEP also were among 26 profitable companies that for three years, from 2018 to 2020, took legal deductions that allowed them to pay zero federal income tax, according to ITEP. Nine of the 26 companies were gas or electric utilities. “This isn’t surprising. It isn’t illegal. And it isn’t new,” said Matthew Gardner, […]
Wall Street Journal: Jeff Bezos Backs Corporate Tax-Rate Increase and Infrastructure Plan
April 7, 2021
Amazon has taken advantage of policies allowing companies to reduce their tax liability through research spending or investment in renewable energy. The company reported $1.8 billion in U.S. tax liability for 2020 after years of paying far less or even reporting a negative tax liability. It said a bump in pretax income in 2020 led […]
Washington Post: Biden Says He’s Open to Compromise with Republicans on $2 Trillion Infrastructure Plan
April 7, 2021
Fifty-five corporations saw zero federal tax liability in 2020, according to a report this week by the Institute on Taxation and Economic Policy, a left-leaning think tank. The amount of corporate tax revenue raised by the government has fallen from above 2 percent of the United States’ gross domestic product before the GOP tax law […]
Forbes: Why Biden’s Right and Higher Corporate Tax Rates Won’t Chase Off Companies
April 7, 2021
By the end of 2020, the effective tax rate was 14.1%. As Biden noted, 55 major corporations—including Nike, FedEx, Salesforce, and Archer Daniels Midland, and HP—paid no federal income tax in 2020, according to the left-leaning Institute on Taxation and Economic Policy. There are those who would immediately say that it’s all due to losses. […]
Business Insider: Biden Wants a 28% Corporate Tax Rate Because He’s ‘Sick and Tired of Ordinary People Being Fleeced’
April 7, 2021
The president also blasted companies paying little or no federal taxes without naming them. He cited a recent report from the left-leaning Institute on Taxation and Economic Policy that found 55 US multinational corporations paid $0 in income taxes last year. That roster included household names like FedEx, Nike, and HP among others. Read more
Los Angeles Times: Column: Jeff Bezos Likes Biden’s Infrastructure Plan Because He Knows It’s Worth the Money
April 7, 2021
As for raising the corporate tax rate, America’s CEOs might object, but let’s recognize that for many big corporations the statutory corporate tax rate is merely theoretical. As the Institute on Taxation and Economic Policy has documented, 55 major corporations paid zero income tax on their profits in 2020. Among them were several that are […]
MSNBC: Amazon CEO Supports Higher Corporate Taxes to Pay for Infrastructure Plan
April 7, 2021
Amazon CEO Jeff Bezos on Tuesday voiced support for raising the corporate tax rate but stopped short of saying he supports the president’s plan for the increase. The panel discusses Bezos’ remarks and how 55 big U.S. companies avoided federal taxes in 2020. Watch here
CNN: Avlon Reacts to McConnell’s Advice to Corporations
April 7, 2021
“In fact, there were at least 55 profitable companies among the Fortune 500 and S&P 500 that paid no federal tax in 2020. That’s according to the Institute on Taxation and Economic Policy. The number of businesses that paid no income tax for the past three years, though, is half that–26–according to the report.” Watch […]
American Prospect: Biden, Wyden, and Yellen: Bring Investment Home!
April 7, 2021
This is all popular stuff. Poll after poll has shown large majorities of Americans favor raising taxes on the rich and on big corporations, and the majorities on these issues are likely to grow even more lopsided as corporate tax evasion comes under a brightening spotlight. ITEP, the Institute on Taxation and Economic Policy, has […]
New York Times: Jeff Bezos says Amazon, a Notable Tax Avoider, Supports Raising Corporate Taxes.
April 7, 2021
For years, Amazon has been a model for corporate tax avoidance, fielding criticism of its tax strategies from Democrats and former President Donald J. Trump. In 2019, Amazon had an effective tax rate of 1.2 percent, which was offset by tax rebates in 2017 and 2018, according to the Institute on Taxation and Economic Policy, […]
(Ohio) ABC News 5: Three Ohio Energy Giants Haven’t Paid Federal Income Taxes in Three Years
April 7, 2021
In fact, Akron-based FirstEnergy, Columbus-based AEP and Charlotte, N.C.-based Duke Energy had negative effective tax rates, according to the report by the Institute on Taxation and Economic Policy, a nonprofit, non-partisan think tank. The paper, which analyzed tax disclosures in the corporations’ annual reports, found that 55 profitable companies didn’t pay any federal income tax […]
CEO Magazine: Amazon’s Jeff Bezos Notably Backs Increasing Corporate Tax
April 7, 2021
In 2020, Amazon paid an effective federal income tax rate of 9.4 per cent, according to the Institute on Taxation and Economic Policy. The Institute on Taxation and Economic Policy, a not-for-profit non-partisan think tank, also reported at least 55 of the largest corporations in the US paid no federal corporate income taxes in their […]
Common Dreams: Will the United States Ever Become a Strong Nation for the Common Good? (Opinion)
April 7, 2021
A new study reports that at least 55 of the biggest corporations paid a goose egg in U.S. income taxes last year — zero, nada — despite hauling in billions in profits. As Sen. Bernie Sanders points out: “If you paid $120 for a pair of Nike Air Force 1 shoes, you paid more to […]
Business Insider: Jeff Bezos says Amazon Supports a Corporate-tax Hike, Arguing that Biden’s Infrastructure Plan Will Require ‘Concessions from All Sides’
April 6, 2021
After Biden’s plan was proposed last week, the Business Roundtable, an organization that represents CEOs of major US firms, issued a statement strongly opposing the tax increase as a way to pay for the infrastructure plan, saying it would create “new barriers to job creation and economic growth.” Amazon has long been accused of not […]
BBC: Amazon’s Jeff Bezos Backs Tax Rise on Companies
April 6, 2021
Analysts say changes to those rules are likely to stir stronger opposition from businesses than the rise in the corporate rate, which many companies do not face, thanks to deductions and other credits. In 2020, Amazon paid an effective federal income tax rate of 9.4%, according to the Institute on Taxation and Economic Policy. Read […]
(Connecticut) Middletown-Press: Stamford-based Charter Communications Paid No Federal Income Taxes in 2020, New Report Shows
April 6, 2021
The treatment of Charter and the 54 other companies “continues a decades-long trend of corporate tax avoidance by the biggest U.S. corporations, and it appears to be the product of longstanding tax breaks preserved or expanded by the 2017 Tax Cuts and Jobs Act, as well as the CARES Act tax breaks enacted in the […]
Bloomberg: Biden Tax Plan Seen Hitting Tech, Pharmaceutical Companies
April 6, 2021
The provisions — part of the administration’s plan to finance a $2.25 trillion infrastructure package — mean that tech and pharmaceutical companies could lose many of the tax-planning tools that allowed them to pay low rates for years. “This is aiming to prevent gaming the system entirely,” said Matthew Gardner, a senior fellow at the […]
NPR: Janet Yellen Proposes Bold Idea: The Same Minimum Corporate Tax Around The World
April 5, 2021
The left-leaning Institute on Taxation and Economic Policy notes that 55 big corporations — including Nike, FedEx and Duke Energy — paid no federal income taxes in the most recent fiscal year, despite reporting a collective profit of more than $40 billion to their shareholders. Read more
The Telegraph: Biden's $3trillion tax hikes find public support despite Republican resistance
April 5, 2021
In 2017, then-President Donald Trump signed a new bill law that slashed the corporate tax rate from 35 per cent to 21 per cent. A report out this week found from the Institute on Taxation and Economic Policy found that 55 large US companies, including major brands such as Nike, paid no federal taxes last […]
CBS News: Dozens of Profitable U.S. Companies Haven’t Had a Federal Tax Expense since Trump’s Rate Cut
April 5, 2021
More than two dozen large U.S. companies have made a collective $77 billion in domestic profits in the past three years without any expectation of having to immediately pay federal taxes on their bounty. Indeed, they haven’t expensed a single dollar for current federal taxes since Donald Trump pushed through a massive tax cut for […]
Wall Street Journal: A 28% Tax Rate Will Cost Companies, but Not Equally
April 5, 2021
Supporters say the tax increase cannot be looked at in isolation. Domestic companies and American workers stand to benefit from the Biden administration’s proposal to spend more than $2 trillion on infrastructure and other improvements, said Matt Gardner, a senior fellow at the progressive Institute on Taxation and Economic Policy. “I don’t think you can […]
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