The Washington Post: Biden Wants to Crack Down on Corporate Tax Loopholes, Resuming a Battle His Predecessors Lost

More than 60 percent of U.S. multinationals’ reported foreign income is booked in seven small countries that promise to only nibble at corporate profits, about twice the share as in 2000, according to Bank of America.

The tax avoidance efforts — entirely legal under U.S. law — resulted in 55 of the nation’s largest corporations paying no federal income tax last year. FedEx, for example, reported $1.2 billion of pretax income and received a federal rebate of $230 million, according to an analysis by the Institute on Taxation and Economic Policy.