Footwear News: Sen. Elizabeth Warren: Nike and Amazon Should Be Hit With Higher Tax Rate

Early this month, a study from the Institute on Taxation and Economic Policy suggested that 55 U.S.-based companies — including Nike and FedEx — did not pay corporate income taxes in their most recent fiscal year despite reporting sizable pretax profits. According to the think tank, the Swoosh didn’t pay federal income tax on about $2.9 billion of pretax income last year, but it received a rebate of $109 million. What’s more, the courier zeroed out its federal income tax on $1.2 billion of pretax income in 2020, while receiving a rebate of $230 million. Read more