55 Companies Don’t Pay a Penny:
Biden noted a list of 55 profitable U.S. companies that didn’t pay income taxes in 2020.
“Not a penny and that’s not right. And my economic plan will change that,” said Biden.
List of Profitable Companies Paying No Tax
ITEP provides the List of 55 Companies Paying No Tax.
More than a dozen used a tax break for executive stock options to sharply reduce their income taxes last year. These include Advanced Micro Devices, Archer Daniels Midland, Booz Allen Hamilton, Charter Communications, Nike, and Salesforce.com. This tax break allows companies to write off stock-option related expenses for tax purposes that go far beyond expenses they report to investors.
At least half a dozen companies used the federal research and experimentation (R&E) credit to reduce their income taxes in 2020. These include HP, Nike, Jacobs Engineering, Advanced Micro Devices and Ecolab.
Tax breaks for renewable energy are part of the tax avoidance scheme for several companies, including Qurate Retail, Xcel Energy, DTE, and Duke Energy.