Apr 26, 2021
At least 55 of the largest companies in the U.S. paid no taxes last year although they reported billions of dollars in profits, according to an analysis done by the Institute on Taxation and Economic Policy. These companies include FedEx, Nike, Dish Network, Salesforce, Archer-Daniels-Midland and Consolidated Edison. Twenty-six of the companies listed were able to avoid paying any federal income tax for the last three years even though they reported a combined income of 77 billion dollars.
Not only that, but several companies got a total of $3.5 billion in tax rebates last year. That is, these companies got money from the government on top of their complete freedom from paying any taxes!
Amazon, one of the largest companies in the world, is another striking example of how much these companies skate, paying few if any taxes. Amazon’s profits surged to $20 billion last year as people shifted to shopping online. But the company paid just 9.4% of its profits in federal corporate income taxes. That low amount is actually a whole lot more than what it paid before. In 2018 it paid zero taxes, and in 2019 it paid less than one percent of its profits in federal taxes.
The difference, of course, is made up by all the taxes paid by the working class.