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packman

(16,296 posts)
Fri Apr 2, 2021, 08:53 PM Apr 2021

You probably paid more in taxes than 55 major companies

The companies avoiding income taxes in 2020 represent very different sectors of the U.S. economy:

Food conglomerate Archer Daniels Midland enjoyed $438 million of U.S. pretax income last year and received a federal tax rebate of $164 million.

The delivery giant FedEx zeroed out its federal income tax on $1.2 billion of U.S. pretax income in 2020 and received a rebate of $230 million.

The shoe manufacturer Nike didn’t pay a dime of federal income tax on almost $2.9 billion of U.S. pretax income last year, instead enjoying a $109 million tax rebate.

The cable TV provider Dish Network paid no federal income taxes on $2.5 billion of U.S. income in 2020.

The software company Salesforce avoided all federal income taxes on $2.6 billion of U.S. income.

The U.S. income, current federal income tax and effective tax rates in 2020 for all 55 of the zero-tax companies are shown in the following table.

Table at link:

https://itep.org/55-profitable-corporations-zero-corporate-tax/

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