As President Joe Biden’s administration continues its push to increase tax rates for profitable corporations, a new study is highlighting how some of the largest and most profitable corporations in the United States managed to sidestep paying any federal taxes last year despite earning billions in revenue.
According to The New York Times, the Institute on Taxation and Economic Policy, a Washington-based research group, compiled the analysis which focuses on at least 55 of America’s biggest corporations and how they were able to maximize on “a range of legal deductions and exemptions that have become staples of the tax code.”
Of the 55 companies named, 26 massive corporations including FedEx, Duke Energy, and Nike have benefited from former President Donald Trump’s corporate tax reduction. Since Trump reduced corporate tax rates from 35 percent down to 21 percent, many large corporations have managed to avoid paying any federal taxes for the last three years while collectively earning more than $77 billion during that time span. Continue reading.