The liberal progressives across the world are calling for increased taxes upon the rich and the USA has been one country which has been overly-generous permitting the wealthy escape taxation laws.
For millions in the U.S., it has been a painful past year in which loved ones and jobs were lost to the pandemic and the accompanying economic repercussions. Not so much for the country's major corporations.
A report based on the Institute on Taxation and Economic Policy's (ITEP) shows 55 large corporations paid zero dollars in federal income taxes on a combined $40.5 billion in profits.
Instead of paying a collective $8.5 billion in federal income taxes on last year's profits of $40.5 billion, as mandated by the statutory 21% rate, the 55 companies exploited preexisting loopholes and pandemic-related tax breaks to reduce their tax bills to $0.
And 26 of them haven't paid any for the past three years,
Not only did these corporations secure a zero-tax liability, they received a collective $3.5 billion in rebates, bringing the total amount of lost federal revenue to $12 billion.
Matthew Gardner, a senior fellow at ITEP and an author of the report explained, "the biggest and most profitable U.S. corporations have found ways to shelter their profits from federal income taxation" for decades.
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