Nike and FedEx haven’t paid federal income tax in three years ...Middle East

Quartz - Economy
Nike and FedEx haven’t paid federal income tax in three years
source : Quartz ( Middle East ) () 8
Despite raking in billions in earnings, Nike, FedEx, and two dozen other public companies have paid no federal corporate income tax in the US since 2018, according to a study by the Institute on Taxation and Economic Policy, a Washington-based research organization.The behavior continues what ITEP describes as a decades-long trend of companies finding ways to avoid taxes through legal loopholes such as deductions and exemptions. The 2017 tax bill enacted by former US president Donald Trump, which slashed the top corporate tax rate from 35% to 21%, may have worsened the situation, the group said.In 2020 alone, Nike recorded pre-tax income of $2.9 billion, yet it paid no federal income tax, th

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