'Corporations are looting America.'
"Corporations are looting America," said former Labor Secretary Robert Reich in response to CAP's report.
After earning $29.6 billion in 2021, AT&T reported a tax refund of $1.2 billion. Charter Communications reported a refund of $12 million after earning $6 billion, AIG will receive $216 million from the federal government despite $9.8 billion in earnings, and Dow will receive $46 million after earning $1.5 billion.
Of the Fortune 100 companies that actually paid taxes in CAP's analysis, UPS paid the highest tax rate at just 9.9%—still well below the tax rate established by President Donald Trump's so-called Tax Cuts and Jobs Act of 2017 . General Motors paid the lowest tax rate, paying 0.2% in federal taxes on $9.4 billion in earnings.Large companies outside the Fortune 100 also managed to avoid paying taxes despite earning billions in 2021, according to the report.
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19 of America's biggest companies paid little — or zero — income tax: 'The tax code is broken''Our corporate tax code is broken when some of the biggest and most profitable companies in the country are paying little or no taxes,' Seth Hanlon, a senior fellow at CAP and a co-author of the report, said.
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