U.S. News

Nike and Dozens of Other Companies Paid No Federal Taxes for the Last Three Years

LOOPHOLE LOVERS

Tax credits and rebates from the federal government made it so the company actually paid a negative tax rate, a study showed.

GettyImages-1310479113_i8asde
Tim Nwachukwu/Getty

Nike is one of several enormous and profitable U.S. companies that paid no federal taxes in the past three years, according to a study released Friday. Other well-known names included Duke Energy, FedEx, and Salesforce, though dozens more businesses in sectors like energy and industrial chemicals made the list. Nike, which took in $4.1 billion in profits in the same time period, paid what the Institute on Taxation and Economic Policy tabulated to be a -18 percent tax rate, meaning tax credits and rebates from the federal government amounted to more than the company paid. Former President Donald Trump slashed the corporate tax rate in a sweeping bill in 2017, and President Joe Biden has pushed to raise it.

Read it at The New York Times

Got a tip? Send it to The Daily Beast here.