Utah Gov. Spencer Cox s record $28.4 billion proposed budget for the 2024 fiscal year set aside $9.7 million to help support Utah families. The proposal could be expanded to benefit more families, advocates say.
Nike, HP and Other Large Corporations Got Away With Not Paying Any Federal Taxes on Their 2020 Profits At least 55 of America s largest companies avoided federal taxation last year by using certain tax breaks, some of which had been revived during the pandemic.
Email April 5, 2021 2 min read
As many as 55 of the U.S. largest corporations did not pay any federal taxes on their 2020 profits, according to the Institute on Tax and Economic Policy (ITEP).
The companies, which include Con Edison, Dish Network, FedEx, HP, Nike and Salesforce, reportedly made almost $40.5 billion combined in U.S. pretax income last year. Because of tax breaks under the 2017 Tax Cuts and Jobs Act (TCJA) and the 2020 CARES Act, they have been able to avoid federal income taxation for years, ITEP s report points out. Had the corporations paid the 21% federal tax rate for corporate profits, they would have shelled out $8.5 billion, it further adds.