CNBC published this video item, entitled “How Companies Like Amazon, Nike and FedEx Avoid Taxes” – below is their description.
At least 55 of the largest corporations in America paid no federal corporate income taxes on their 2020 profits, according to the Institute on Taxation and Economic Policy. Some of these companies include big names FedEx, Nike, HP and Salesforce, and it’s costing the U.S. government billions of dollars. Those 55 corporations 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. These estimates don’t include corporations that paid only some but not all of these taxes, like Netflix and Amazon.
Watch the video above to learn about how the most profitable companies in the country maneuver the complicated tax system to avoid federal corporate income taxes, different forms of tax expenditures and what policy solutions may bridge the gap.
CNBC YouTube Channel
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