Even with pretax profits, many big companies pay zero US tax

NEW YORK (AP) — More than 50 of the largest U.S. companies paid nothing in federal income taxes last year, even though they reported big pretax profits as a group. That’s according to the Institute on Taxation and Economic Policy, a group that believes the tax system needs to raise more revenue. The report arrives as President Joe Biden tries to raise corporate taxes to pay for his infrastructure plan. The 55 companies cited took advantage of legal tax breaks that were preserved or expanded under the 2017 overhaul of the tax code, as well as the economic rescue package Washington passed last spring.