Multinational sportswear corporation Nike is among at least 26 corporations that have paid zero dollars in federal income taxes since 2018, a new report details.
Analysis conducted by the Institute on Taxation and Economic Policy reveals that in 2020, at least 55 of the nation’s biggest corporations paid nothing in federal income taxes. Of those 55 corporations, 26 have paid no federal income tax since 2018.
Last year, the 55 corporations enjoyed close to $40.5 billion in pre-tax income, according to the analysis. The corporations would have paid $8.5 billion collectively if they had paid the 21 percent tax rate for corporate profits.
Instead, the corporations received $3.5 billion in tax rebates and their total corporate tax breaks for last year total $12 billion.
Among the corporations paying nothing in federal income taxes in 2020 are Nike, Charter Communications, Dish Network, FedEx, HP, Salesforce.com, Telephone and Data Systems,