PITTSBURGH — At least 55 of the biggest and best-known companies in the country didn’t pay federal corporate income taxes during their most recent fiscal year. That includes Pittsburgh’s 11th-largest public company.
According to a recently released report by the Institute on Taxation and Economic Policy, the businesses collectively had almost $40.5 billion in U.S. pretax income in 2020 and would have paid a combined $8.5 billion in taxes, given the 21% statutory federal tax rate for corporate profits.
The 55, which span multiple industry sectors, include FedEx, Nike and Pittsburgh-based manufacturer Howmet Aerospace Inc. Howmet (NYSE:HWM) also was among the 26 companies ITEP listed as paying zero federal income tax from 2018-2020.
Pittsburgh Business Times