Pittsburgh Post-Gazette: PNC Bank, PPG Industries Among Companies Paying Less Than the Federal Tax Rate
media mentionWASHINGTON — More than a dozen Pennsylvania companies — including a handful in the Pittsburgh area — paid less than the 21% federal corporate income tax rate from 2018 to 2022, according to a study released Thursday by a progressive research group.
The list includes such well-known local companies as PNC Financial Services Group and PPG Industries, according to the Institute on Taxation and Economic Policy in Washington, D.C.
The 340-plus U.S. companies studied were profitable in each of those years but paid an average tax rate of 14%, according to the group. It says former President Donald Trump’s 2017 tax law, which reduced the federal corporate tax rate from 35% to 21%, allowed companies to pay even less.