55 corporations paying no federal tax last year spent $450 million on lobbying and campaigns [View all]

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Khashoggi’s Ghost
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55 corporations paying no federal tax last year spent $450 million on lobbying and campaigns

Weird how they'll gladly spend hundreds of millions to get out of paying taxes instead of just paying them.

55 corporations paying no federal tax last year spent $450 million on lobbying and campaigns: report
The 55 U.S. corporations that paid no federal corporate income tax last year have spent a combined $450 million on political campaign contributions and lobbying—including for lower taxes—according to...
alternet.org
7:58 PM · Jun 9, 2021

https://www.alternet.org/2021/06/federal-corporate-tax-rate/

The 55 U.S. corporations that paid no federal corporate income tax last year have spent a combined $450 million on political campaign contributions and lobbying—including for lower taxes—according to a report published Wednesday by the progressive advocacy group Public Citizen.

"Using Uncle Sam's money to lobby against paying taxes is the perfect embodiment of how Washington works." —Mike Tanglis, Public Citizen

The report, entitled The Price of Zero, cites figures from the Institute on Taxation and Economic Policy showing that at least 55 U.S. corporations avoided paying any corporate income tax in 2020 on a combined pretax income of $40.5 billion.

"Had these companies paid a tax rate of 21%—the current federal rate—they would have owed the federal government $8.5 billion," the report notes. "Not only did these companies not pay taxes, but nearly all also got money back from the government, receiving $3.5 billion in tax rebates, bringing the total 2020 tax giveaways for these 55 companies to $12 billion."

*snip*