April 06, 2021 at 9:48 a.m. EDTBy
PITTSBURGH – At least 55 of the largest and best-known companies in the country did not pay federal corporate income tax in the last fiscal year. This includes Pittsburgh’s eleventh largest public company.
According to a recent report by the Institute for Taxes and Economic Policy, the companies had combined pre-tax income of nearly $ 40.5 billion in 2020 and, given the statutory tax rate of 21% on corporate profits, they would have paid together $ 8.5 billion in taxes .
The 55 companies that span multiple industries include FedEx, Nike, and Pittsburgh-based manufacturer Howmet Aerospace Inc. Howmet (NYSE: HWM) was also among the 26 companies that ITEP will not pay federal income tax from 2018-2020.
Read more from our news partners in the Pittsburgh Business Times.