by Eric Lendrum
A new report reveals that Nike is one of over two dozen corporations that have not paid any federal income taxes since 2018, as reported by Breitbart.
The report comes from the Institute on Taxation and Economic Policy, which shows that at least 55 of the biggest companies in America did not pay any federal income taxes in the year 2020. Of those 55, 26 have not paid this tax since 2018. This means that a collective total of approximately $8.5 billion was not paid last year, with the 55 companies instead receiving approximately $40.5 billion in pre-tax income.
Among the other corporations besides Nike are Dish Network, FedEx, and Hewlett-Packard. In 2020 alone, Nike made approximately $2.9 billion in pre-tax income, with Dish making $2.5 billion, and FedEx making $1.2 billion. Since 2018, Nike has made $4.1 billion and FedEx raked in $6.9 billion. None of these incomes went towards the federal income tax.
The report is certain to fuel Democrats’ efforts to raise the corporate tax rate, which is currently 21 percent. Joe Biden has claimed that his upcoming infrastructure bill will pay for many of its provisions by raising the rate to 28 percent. However, this proposal has faced opposition from some Democrats, including Senator Joe Manchin (D-W.V.), who feels that the rate should be no higher than 25 percent, warning that raising it any higher might damage the already-struggling U.S. economy.
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Eric Lendrum reports for American Greatness.
Photo “Nike Store” by Phillip Pessar. CC BY 2.0.