As Republicans complain about tax's--

--the Fortune 500 pays little or nothing.

As pro-business interest groups bristle at proposed corporate tax increases to pay for President Biden’s $2 trillion infrastructure plan, a new report has found that dozens of major U.S. companies paid no taxes on their massive profits in 2020.

According to the Institute on Taxation and Economic Policy (ITEP), no fewer than 55 publicly traded firms avoided federal income taxes last year, despite reporting nearly $40.5 billion in combined pre-tax profits. That group consists of major S&P 500 and Fortune 500 companies from a diverse variety of sectors and industries, including the likes of Nike, Salesforce, FedEx, and Archer Daniels Midland.

Of those 55 companies, 26 were identified by ITEP as having paid no federal income taxes for three consecutive years—despite having reported profits in each of those years, and a combined $77 billion in earnings.

While noting that major U.S. corporations have found loopholes sheltering their profits from federal taxes “for decades,” the Trump administration’s Tax Cuts and Jobs Act of 2017 failed to address loopholes that enable tax dodging, and in fact made the situation worse.

This list does not include the multitude of companies that used tax loopholes to massively under pay their tax's.

Corporate tax loopholes are nothing more than socialism for rich and powerful companies, allowing them to shift their tax burden to the working class, and to add dramatically to the national debt.

https://fortune.com/2021/04/02/55-companies-paid-zero-in-federal-2020-taxes-itep-report/

https://www.nytimes.com/2021/04/02/business/economy/zero-corporate-tax.html

@mchill said
--the Fortune 500 pays little or nothing.

As pro-business interest groups bristle at proposed corporate tax increases to pay for President Biden’s $2 trillion infrastructure plan, a new report has found that dozens of major U.S. companies paid no taxes on their massive profits in 2020.

According to the Institute on Taxation and Economic Policy (ITEP), no fewer than 55 pu ...[text shortened]... 20-taxes-itep-report/

https://www.nytimes.com/2021/04/02/business/economy/zero-corporate-tax.html