Most big corporations are pretty squirrelly about disclosing the impact of the 2025 Trump tax cuts on their tax bills. And understandably so: last year’s tax cut has been remarkably unpopular, in no small part due to the huge tax giveaways it lavished on big multinationals. But ticket-broker giant Live Nation, whose ticketing service Ticketmaster was accused of anticompetitive practices by the Biden administration, isn’t shy: they say the new tax law is the reason they paid zero federal income tax in 2025, despite $145 million of U.S. profits.
Here’s the money quote from their latest annual report: “There was no cash paid for United States federal income taxes as we generated a taxable loss for…2025 due to the provisions allowed within the One Big Beautiful Bill Act.”
In other words, Live Nation is telling shareholders they made $145 million in the U.S., even as they tell the IRS they lost money.
With earnings season still getting underway, dozens of the nation’s largest corporations have disclosed paying single-digit federal income tax rates under the new tax cuts enacted by Republicans in Congress. While these companies likely know down to the nearest dollar how much they’ve already saved in taxes due to the Trump administration’s largesse, virtually none of them (except Live Nation) have bothered to tell their investors what the new law means for their bottom line. Shareholders and American taxpayers deserve to know how much of this new wave of corporate tax avoidance is attributable to the exorbitant tax cuts enacted by Congress last summer.
You can see which other companies have reported paying little to no taxes in 2025 here.
