The current U.S. tax code allows some of the biggest companies in the country to not pay any federal corporate income tax. Watch the full video here:
The current United States tax code allows some of the biggest company names in the country to not pay any federal corporate income tax.
What's more, it is entirely legal and within the parameters of the tax code that corporations can end up paying no federal corporate income tax, which costs the U.S. government billions of dollars in lost revenue. The 55 corporations cited by ITEP would have paid a collective total of $8.5 billion. Instead, they received $3.5 billion in tax rebates, collectively draining $12 billion from the U.S. government, according to the institute. The figures don't include corporations that paid only some but not all of these taxes.
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