No Federal Taxes for Dozens of Big, Profitable Companies - Government Jobs

No Federal Taxes for Dozens of Big, Profitable Companies

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Just as the Biden administration is pushing to raise taxes on corporations, a new study finds that at least 55 of America’s largest firms paid no taxes last year on billions of dollars in profits.

The sweeping tax bill passed in 2017 by a Republican Congress and signed into law by President Donald Trump reduced the corporate tax rate to 21% from 35%. But dozens of Fortune 500 companies were able to further shrink their tax bill — sometimes to zero — thanks to a range of legal deductions and exemptions that have become staples of the tax code, according to the analysis.

Salesforce, Archer-Daniels-Midland and Consolidated Edison were among those named in the report, which was done by the Institute on Taxation and Economic Policy, a left-leaning research group in Washington.

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