Washington Post: Dozens of America’s Biggest Businesses Paid No Federal Income Tax Again

Fifty-five of the nation’s largest corporations paid no federal income tax on more than $40 billion in profits last year, according to an analysis by the Institute on Taxation and Economic Policy, a progressive think tank.

In fact, they received a combined federal rebate of more than $3 billion, for an effective tax rate of approximately negative 9 percent.

“Their total corporate tax breaks for 2020, including $8.5 billion in tax avoidance and $3.5 billion in rebates, comes to $12 billion,” according to the study’s authors, Matthew Gardner and Steve Wamhoff.

Read more

---