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NEW YORK — Just as President Joe Biden is pushing to raise taxes on companies to help pay for his infrastructure plan, a report from a Washington policy group is highlighting how many firms pay zero despite making big pretax profits.
More than 50 of the largest U.S. companies paid nothing in federal income taxes last year, with many getting rebates, even though they reported almost $40.5 billion in pretax profits as a group, according to the Institute on Taxation and Economic Policy. The group believes the tax system needs to raise more tax revenue.
The 55 companies named in the report issued Friday cross many industries, from agriculture to high tech, and they include such big names as Nike, FedEx and Duke Energy. The report says the companies took advantage of breaks that were preserved or expanded under President Donald Trump’s 2017 overhaul of the tax code, as well as the economic rescue package that Washington passed last spring.
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