Major US Companies Exploit Loopholes to Dodge Billions in Taxes

A new report reveals that America's largest corporations, including AT&T and Netflix, have significantly reduced their tax bills, leveraging loopholes and special tax breaks.

342 of America's largest companies dodged over $276 billion in federal taxes from 2018 to 2022.
Nearly a third of these companies paid zero federal income taxes in at least one year of the five-year period.
The effective federal income tax rate paid by these companies averaged 14.1%, well below the required 21%.
The 2017 Tax Cuts and Jobs Act, despite lowering the corporate tax rate from 35% to 21%, has not bridged the gap between the statutory and actual tax rates paid.
Recent legislative efforts aim to address corporate tax avoidance, including a minimum corporate tax rate of 15% introduced by the 2022 Inflation Reduction Act.