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    The Road to Tyranny by Don Jans

    This Tax Day, Meet Five Corporations That Paid Negative $636M In Taxes Before Hiking Prices And Raking In Billions

    By Karl Fritsch

    WASHINGTON DC This Tax Day, government watchdog Accountable.US released a new report exposing five major corporations, including FedEx, Nike, and Duke Energy, that raised prices on consumers last year paid an average effective tax rate of negative 11.6% and collectively owed negative $636 million in federal income tax in 2020. Meanwhile, these same companies saw net incomes jump to at least $14.5 billion and spent over $27.6 billion on shareholder handouts in 2021.

    “How can any big corporation that has effectively paid nothing in taxes and reported massive new profits and generous shareholder rewards honestly say they had no choice but to raise prices so high on consumers? When corporate profits are at their highest levels in nearly 50 years, it’s time many CEOs admit they’re charging average families well beyond any new costs during the pandemic,” said Kyle Herrig, president of Accountable.US. “Corporations can either play a role in the economic recovery — or hold it back by using the pandemic as an excuse to rip off  families. Highly profitable companies can start taking responsibility by stabilizing prices for consumers instead of padding their bottom line, on top of finally paying their fair share in taxes.”

    For months, Accountable.US has highlighted how clear pandemic profiteering and corporate greed from the big oil, meat packing, shipping, trucking and railroad companies are making inflation problems worse for everyday families. Many CEOs have claimed they had no choice but to hike costs on consumers, while turning around to boast of rising profits to investors and rewarding their shareholders with stock buybacks and dividends.

    KEY POINTS FROM THE REPORT:

    FedEx

    Nike

    Duke Energy

    Charter Communications, Inc.

    PPL Corporation

    # # #

    Accountable.US is a nonpartisan watchdog group that exposes corruption across all levels of government.

    READ THE FULL REPORT


     

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    1 COMMENT

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    Chance
    Chance
    1 month ago

    All the business that register in Delaware or the Cayman Islands should have double federal tax, I’m thinking 60% of revenue. That’s what they deserve when they abuse the system, but benefit from the system.

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