Select Media Mentions
Quartz: Nike And FedEx Haven’t Paid Federal Income Tax in Three Years
April 2, 2021
Despite raking in billions in earnings, Nike, FedEx, and two dozen other public companies have paid no federal corporate income tax in the US since 2018, according to a study by the Institute on Taxation and Economic Policy, a Washington-based research organization. The behavior continues what ITEP describes as a decades-long trend of companies finding […]
Forbes: More Than 50 Major U.S. Corporations—Including Nike And FedEx—Paid No Federal Taxes Last Year
April 2, 2021
Benefitting from Trump-era tax cuts and capitalizing on loopholes in the tax code, at least 55 prominent U.S. companies paid $0 in federal corporate income taxes in 2020 on billions of dollars in profits, according to a report published Friday by the Institute on Taxation and Economic Policy. Read more
Business Insider: Nike, FedEx, and 24 Other Companies with $77 Billion of Combined Income Have Avoided Paying Taxes for Years, a New Report Found
April 2, 2021
55 of America’s biggest companies paid $0 in federal taxes last year, a new study from the Institute on Taxation and Economic Policy (ITEP) found. The 55 publicly traded companies would have paid an estimated $12 billion in federal taxes if not for corporate tax breaks in 2020, including $8.5 billion in tax avoidance and […]
The Hill: 55 Major Companies Paid Zero Federal Income Tax in 2020: Watchdog
April 2, 2021
At 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 […]
Associated Press: Even with Pretax Profits, Many Big Companies Pay Zero US Tax
April 2, 2021
Just as President Joe Biden is pushing to raise taxes on companies to help pay for his infrastructure plan, a report from a Washington policy group is highlighting how many firms pay zero despite making big pretax profits. More than 50 of the largest U.S. companies paid nothing in federal income taxes last year, with […]
Fast Company: Report: 55 of America’s Biggest Companies Paid Zero Taxes during the Pandemic
April 2, 2021
The stock market boomed last year, despite a pandemic that put 45 million people out of work. But dozens of the biggest, most profitable corporations in the United States still paid $0 in federal taxes, according to a new report. The nonpartisan Institute on Taxation and Economic Policy found that 55 of the largest firms […]
New York Times: No Federal Taxes for Dozens of Big, Profitable Companies
April 2, 2021
Just as the Biden administration is pushing to raise taxes on corporations, a new study finds that at least 55 of America’s largest paid no taxes last year on billions of dollars in profits. The sweeping tax bill passed in 2017 by a Republican Congress and signed into law by President Donald J. Trump reduced […]
The New York Times: Biden Tax Plan Challenges G.O.P. Formula for Economic Growth
March 31, 2021
The Institute on Taxation and Economic Policy, which has long criticized American businesses for managing to avoid paying what they owe, conducted a study of Fortune 500 companies that were profitable and that provided enough information to calculate effective tax rates. The institute found that those companies on average paid 11.3 percent on their 2018 […]
Foreign Policy: To Build Bridges, Biden Plans to Hike Taxes
March 31, 2021
A 2019 study by the Institute on Taxation and Economic Policy found that at least 60 of the largest publicly held U.S. corporations paid no federal income taxes in 2018. The companies included household names like Amazon, Chevron, Netflix, and General Motors. Read more
US News: Biden Wants Corporate America to Pick Up the Tab On His Infrastructure Plan
March 31, 2021
Moreover, a study by the Institute on Taxation and Economic Policy of the effects of the 2017 tax cuts found that 379 companies with combined profits of nearly $766 billion paid effective corporate tax rates on average of 11.3%. Some 91 companies, including household names like Delta Airlines, FedEx, Amazon and Eli Lilly, paid no […]
Washington Post: Power Up: Unions, liberal groups urge Biden to go even bigger on tax hikes for infrastructure plan
March 31, 2021
Some tax experts, however, estimate that the benefits of restoring the deduction would go to the richest Americans: “House Democrats included a provision suspending the cap for 2020 as part of a COVID relief package last year. [The Institute on Taxation and Economic Policy] estimated that this would cost more than $90 billion in a […]
The Street: Cannabis Stocks Rise as New York Moves Closer to Legalization
March 30, 2021
New York would be the 16th state, plus the District of Columbia, to fully legalize marijuana after decades of imprisoning people who participated in the cannabis black market. About one in three Americans live in a state with legal sales of recreational cannabis, according to the Institute on Taxation and Economic Policy. Read more
Daily Wire: Zoom Profits in 2020: $660 Million. Zoom Tax Payment In 2021: $0
March 29, 2021
Zoom hauled in some $660 million in pre-tax profits in 2020, compared to $16 million in profits in 2019, according to the Institute on Taxation and Economic Policy. “Corporations that pay their executives in stock often benefit from a provision in the federal tax code that lets them write off expenses that appear far larger […]
WTTW: Proposals Could Expand Eligibility for Earned Income Tax Credit
March 29, 2021
“[Illinois] just piggybacks off of that by saying if you got the federal credit you get 18% of that for state purposes,” said Lisa Christensen Gee, the director of special initiatives at the Institute of Taxation and Economic Policy. The credit offsets state income tax liability, and if an individual has more credit than the […]
Washington Post: Fact-checking President Biden’s first news conference
March 26, 2021
Biden loves this statistic, but he usually is careful to say “federal taxes.” Simply saying “taxes” makes it wrong, because no matter what the federal tax liability, these companies certainly pay a variety of payroll, real estate and local or state taxes. In a 2019 report, the left-leaning Institute on Taxation and Economic Policy (ITEP) […]
Jackson (Miss.) Clarion-Ledger: Eliminating state income tax would hurt Mississippi working families, widen inequities
March 25, 2021
This is because individual income taxes are the only major tax in which the state’s highest-income earners pay a larger percentage of their income in taxes than the state’s lower-income earners. Not surprisingly, then, the state’s wealthiest households stand to gain the most from eliminating the tax. On average, Mississippians in the lowest 20% of […]
Indy Week: Anti-Poverty Advocates Rejoice Over New Child Tax Credit
March 24, 2021
It’s hard to overstate the significance of the expanded tax credit for low-income families. Information released by the Institute on Taxation and Economic Policy found that more than 2.6 million children in North Carolina stand to benefit from the credit, and the Center on Budget and Policy has calculated that the legislation will move 137,000 […]
Connecticut Post: State Rep. Sean Scanlon (opinion): State child tax credit would ease burden on families
March 24, 2021
The good news for families is that President Biden’s recently passed stimulus bill features a provision long championed by my Congresswoman Rosa DeLauro that not only makes the tax credit fully refundable but also expands the credit from $2,000 to $3,000 for children 6 to 17 and to $3,600 per child under the age of […]
CBS News: Zoom’s pandemic profits exceeded $670 million. Its federal tax payment? Zilch
March 24, 2021
“We are only taxing about half of all corporate profits,” observed Matt Gardner, a senior fellow at the Institute on Taxation and Economic Policy, which put out a report on Monday highlighting Zoom’s likely $0 federal tax bill for 2020. … “There is nothing exceptional or illegal in what Zoom is doing here,” said Gardner, […]
The Street: New York Inches Closer to Legalizing Recreational Cannabis
March 24, 2021
Last November, voters in New Jersey and Arizona voted to legalize marijuana. And in December, New Jersey placed a social equity excise tax on cannabis sales in order to address the disparate effect of anti-marijuana laws on communities of color. About one in three Americans live in a state with legal sales of recreational cannabis, […]
Arkansas Times: Can’t Forget the Millionaires: Income Tax Cut on Agenda Today
March 23, 2021
Arkansas Advocates for Children and Families has run the numbers by the Institute on Taxation and Economic Policy. It says 72 percent of the tax cut will go to people making more than $192,000 a year. The tax cut would take effect in 2022. When fully implemented, it would cut revenue by $27.4 million a […]
Salon: Zoom Increased Profit by 4,000% during the Pandemic — but the Company Paid $0 in Federal Income Tax
March 23, 2021
The U.S.-based online video chat platform Zoom has seen its profits skyrocket by 4000% during the Covid-19 pandemic thanks to the growing reliance on remote work and schooling, but an analysis by the Institute on Taxation and Economic Policy finds that the company didn’t pay a dime in federal corporate income taxes on its 2020 […]
Business Insider: Zoom Paid $0 in Federal Taxes on $664 Million in Pandemic Profits, Mostly by Paying Executives Stock Options
March 23, 2021
“Companies that compensate their leadership with stock options can write off, for tax purposes, huge expenses that far exceed their actual cost,” Matthew Gardner, a senior fellow at the Institute for Taxation and Economic Policy, wrote in a post breaking down Zoom’s tax strategy. Read more
New York Post: Zoom Paid No Federal Income Tax Last Year amid Pandemic Profit Surge
March 23, 2021
The Silicon Valley firm appears to have achieved that feat largely thanks to its use of stock-based compensation for employees, which helped reduce its worldwide tax bill by more than $302 million for the year ending Jan. 31. Corporations that pay their executives in stock often benefit from a provision in the federal tax code […]
Common Dreams: Zoom Paid $0 in Federal Income Taxes on 4,000% Profit Increase During Pandemic: Report
March 22, 2021
The U.S.-based online video chat platform Zoom has seen its profits skyrocket by 4000% during the Covid-19 pandemic thanks to the growing reliance on remote work and schooling, but an analysis by the Institute on Taxation and Economic Policy finds that the company didn’t pay a dime in federal corporate income taxes on its 2020 […]
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