More than 70% of Americans say that the fact that some corporations do not pay their fair share in taxes bothers them either some or a lot, according to a recent Pew Research Center survey. Though there is often disagreement about what the appropriate tax rate should be, most Americans agree corporations should pay more in taxes.
The statutory corporate federal tax rate on profits is supposed to be 21%, but through a string of loopholes, tax breaks, avoidance schemes, tax shelters, and other financial dealings, dozens of companies paid $0 in federal taxes on their profits in 2020.
To determine the companies that avoid paying taxes, 24/7 Wall St. reviewed the list of companies that paid $0 in income taxes for 2020, as compiled by the Institute of Taxation and Economic Policy. Companies were ranked based on their U.S. pre-tax income for the same year.
There are at least 55 companies with publicly available data that turned a profit in 2020 but did not pay a penny in taxes – and almost all of them actually received millions in tax rebates. The 55 companies earned a combined $40.5 billion and took in nearly $3.5 billion in rebates.Â
Had these companies paid the 21% rate, that would have pumped $8.5 billion into the government’s coffers. Though the U.S. collects more total tax revenue than any other country, it has one of the lowest tax revenue to GDP ratios among wealthy nations. These are the countries collecting the most taxes.
The companies that avoided paying taxes in 2020 represent a wide variety of industries, including technology, utilities, telecommunications, food and beverages, manufacturing, pharmaceuticals, and more. Some of these companies are among the largest and best known brands in the world, pulling in over a billion dollars per year. These are the most valuable brands in the world.
Click here to see the companies that avoid paying taxes
Source: Courtesy of Treehouse Foods Ltd. via Facebook
55. Treehouse Foods
> U.S. pre-tax income: $8 million
> Federal income tax (including rebates): -$96 million
> Effective tax rate: -1,167.1%
> Industry: Food, beverages, tobacco
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Source: Sundry Photography / iStock Editorial via Getty Images
54. Akamai Technologies
> U.S. pre-tax income: $40 million
> Federal income tax (including rebates): -$2 million
> Effective tax rate: -4.4%
> Industry: Technology
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53. Albemarle
> U.S. pre-tax income: $42 million
> Federal income tax (including rebates): –
> Effective tax rate: -0.3%
> Industry: Chemicals
Source: Public Domain / Wikimedia Commons
52. Owens & Minor
> U.S. pre-tax income: $74 million
> Federal income tax (including rebates): -$4 million
> Effective tax rate: -6.0%
> Industry: Retail and wholesale trade
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Source: Public Domain / Wikimedia Commons
51. Howmet Aerospace
> U.S. pre-tax income: $86 million
> Federal income tax (including rebates): -$2 million
> Effective tax rate: -2.3%
> Industry: Miscellaneous manufacturing
50. Mohawk Industries
> U.S. pre-tax income: $87 million
> Federal income tax (including rebates): -$34 million
> Effective tax rate: -38.9%
> Industry: Miscellaneous manufacturing
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Source: Public Domain / Wikimedia commons
48. Ecolab
> U.S. pre-tax income: $95 million
> Federal income tax (including rebates): -$50 million
> Effective tax rate: -52.6%
> Industry: Chemicals
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Source: Public Domain / Wikimedia Commons
48. Sanmina-SCI
> U.S. pre-tax income: $95 million
> Federal income tax (including rebates): -$1 million
> Effective tax rate: -1.0%
> Industry: Technology
47. Tutor Perini
> U.S. pre-tax income: $96 million
> Federal income tax (including rebates): -$36 million
> Effective tax rate: -37.7%
> Industry: Engineering and construction
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46. Seaboard
> U.S. pre-tax income: $136 million
> Federal income tax (including rebates): -$50 million
> Effective tax rate: -36.8%
> Industry: Food and beverages and tobacco
Source: Public Domain / Wikimedia Commons
45. Xilinx
> U.S. pre-tax income: $140 million
> Federal income tax (including rebates): -$2 million
> Effective tax rate: -1.5%
> Industry: Technology
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Source: Courtesy of Tyler Technologies, Inc. via Facebook
44. Tyler Technologies
> U.S. pre-tax income: $176 million
> Federal income tax (including rebates): -$11 million
> Effective tax rate: -6.0%
> Industry: Technology
Source: Public Domain / Wikimedia Commons
43. Ball
> U.S. pre-tax income: $193 million
> Federal income tax (including rebates): -$33 million
> Effective tax rate: -17.1%
> Industry: Miscellaneous manufacturing
Source: Voya Financial
42. Voya Financial
> U.S. pre-tax income: $195 million
> Federal income tax (including rebates): -$9 million
> Effective tax rate: -4.6%
> Industry: Financial
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Source: Public Domain / Wikimedia Commons
41. Jacobs Engineering Group
> U.S. pre-tax income: $213 million
> Federal income tax (including rebates): -$37 million
> Effective tax rate: -17.4%
> Industry: Engineering and construction
Source: Courtesy of Westlake Chemical Corporation
40. Westlake Chemical
> U.S. pre-tax income: $227 million
> Federal income tax (including rebates): -$208 million
> Effective tax rate: -91.6%
> Industry: Chemicals
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39. Cabot Oil & Gas
> U.S. pre-tax income: $240 million
> Federal income tax (including rebates): -$32 million
> Effective tax rate: -13.2%
> Industry: Oil, gas and pipelines
24/7 Wall St.
Source: Public Domain / Wikimedia Commons
38. Dexcom
> U.S. pre-tax income: $265 million
> Federal income tax (including rebates): $0
> Effective tax rate: 0.0%
> Industry: Pharmaceuticals and medical products
36. Textron
> U.S. pre-tax income: $278 million
> Federal income tax (including rebates): -$1 million
> Effective tax rate: -0.4%
> Industry: Aerospace and defense
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Source: Public Domain / Wikimedia Commons
36. Williams
> U.S. pre-tax income: $278 million
> Federal income tax (including rebates): -$29 million
> Effective tax rate: -10.4%
> Industry: Oil, gas and pipelines
34. Interpublic Group
> U.S. pre-tax income: $284 million
> Federal income tax (including rebates): -$53 million
> Effective tax rate: -18.5%
> Industry: Miscellaneous services
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Source: Public Domain / Wikimedia Commons
34. Telephone & Data Systems
> U.S. pre-tax income: $284 million
> Federal income tax (including rebates): -$175 million
> Effective tax rate: -61.6%
> Industry: Telecommunications
24/7 Wall St.
Source: jetcityimage / iStock Editorial via Getty Images
33. Michaels
> U.S. pre-tax income: $322 million
> Federal income tax (including rebates): -$11 million
> Effective tax rate: -3.5%
> Industry: Retail and wholesale trade
Source: Public Domain / Wikimedia Commons
31. Community Health Systems
> U.S. pre-tax income: $323 million
> Federal income tax (including rebates): -$1 million
> Effective tax rate: -0.3%
> Industry: Health care
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Source: Courtesy of Sealed Air Corporation via Facebook
31. Sealed Air
> U.S. pre-tax income: $323 million
> Federal income tax (including rebates): -$14 million
> Effective tax rate: -4.4%
> Industry: Miscellaneous manufacturing
Source: pabradyphoto / iStock Editorial via Getty Images
30. Kansas City Southern
> U.S. pre-tax income: $327 million
> Federal income tax (including rebates): -$2 million
> Effective tax rate: -0.6%
> Industry: Transportation
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Source: Courtesy of UGI Utilities, Inc. via Facebook
29. UGI
> U.S. pre-tax income: $420 million
> Federal income tax (including rebates): -$85 million
> Effective tax rate: -20.2%
> Industry: Utilities, gas and electric
28. Lincoln National
> U.S. pre-tax income: $423 million
> Federal income tax (including rebates): -$61 million
> Effective tax rate: -14.4%
> Industry: Financial
Source: wellesenterprises / iStock Editorial via Getty Images
27. Archer Daniels Midland
> U.S. pre-tax income: $438 million
> Federal income tax (including rebates): -$164 million
> Effective tax rate: -37.4%
> Industry: Food and beverages and tobacco
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Source: brightstars / iStock Unreleased via Getty Images
26. Verisign
> U.S. pre-tax income: $447 million
> Federal income tax (including rebates): -$124 million
> Effective tax rate: -27.7%
> Industry: Technology
Source: WendellandCarolyn / iStock Editorial via Getty Images
25. Penske Automotive Group
> U.S. pre-tax income: $505 million
> Federal income tax (including rebates): -$78 million
> Effective tax rate: -15.5%
> Industry: Motor vehicles and parts
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Source: Public Domain / Wikimedia Commons
24. Booz Allen Hamilton Holding
> U.S. pre-tax income: $561 million
> Federal income tax (including rebates): -$3 million
> Effective tax rate: -0.5%
> Industry: Technology
Source: krblokhin / iStock Editorial via Getty Images
23. Kinder Morgan
> U.S. pre-tax income: $654 million
> Federal income tax (including rebates): -$20 million
> Effective tax rate: -3.1%
> Industry: Oil, gas and pipelines
Source: Public Domain / Wikimedia Commons
22. Qurate Retail Group
> U.S. pre-tax income: $687 million
> Federal income tax (including rebates): -$8 million
> Effective tax rate: -1.2%
> Industry: Internet services and retailing
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Source: Public Domain / Wikimedia Commons
21. Evergy
> U.S. pre-tax income: $722 million
> Federal income tax (including rebates): -$27 million
> Effective tax rate: -3.7%
> Industry: Utilities, gas and electric
Source: JillianCain / iStock Editorial via Getty Images
20. Duke Energy
> U.S. pre-tax income: $826 million
> Federal income tax (including rebates): -$281 million
> Effective tax rate: -34.0%
> Industry: Utilities, gas and electric
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Source: BalkansCat / iStock Editorial via Getty Images
19. HP
> U.S. pre-tax income: $861 million
> Federal income tax (including rebates): -$24 million
> Effective tax rate: -2.8%
> Industry: Technology
Source: Public Domain / Wikimedia Commons
18. PPL
> U.S. pre-tax income: $878 million
> Federal income tax (including rebates): -$9 million
> Effective tax rate: -1.0%
> Industry: Utilities, gas and electric
17. CMS Energy
> U.S. pre-tax income: $885 million
> Federal income tax (including rebates): -$35 million
> Effective tax rate: -4.0%
> Industry: Utilities, gas and electric
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16. Hologic
> U.S. pre-tax income: $887 million
> Federal income tax (including rebates): -$62 million
> Effective tax rate: -7.0%
> Industry: Health care
15. Unum Group
> U.S. pre-tax income: $923 million
> Federal income tax (including rebates): -$98 million
> Effective tax rate: -10.7%
> Industry: Financial
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Source: hapabapa / iStock Editorial via Getty Images
14. Fiserv
> U.S. pre-tax income: $1.1 billion
> Federal income tax (including rebates): -$25 million
> Effective tax rate: -2.3%
> Industry: Financial data services
Source: RiverNorthPhotography / iStock Unreleased via Getty Images
13. FirstEnergy
> U.S. pre-tax income: $1.1 billion
> Federal income tax (including rebates): -$14 million
> Effective tax rate: -1.3%
> Industry: Utilities, gas and electric
Source: JHVEPhoto / iStock Editorial via Getty Images
12. Advanced Micro Devices
> U.S. pre-tax income: $1.2 billion
> Federal income tax (including rebates): $0
> Effective tax rate: 0.0%
> Industry: Technology
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Source: wellesenterprises / iStock Editorial via Getty Images
11. FedEx
> U.S. pre-tax income: $1.2 billion
> Federal income tax (including rebates): -$230 million
> Effective tax rate: -18.9%
> Industry: Miscellaneous services
Source: Worldsteel / Getty Images
10. Nucor
> U.S. pre-tax income: $1.2 billion
> Federal income tax (including rebates): -$177 million
> Effective tax rate: -14.5%
> Industry: Metals and metal products
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Source: Ingus Kruklitis / iStock via Getty Images
9. Consolidated Edison
> U.S. pre-tax income: $1.2 billion
> Federal income tax (including rebates): -$2 million
> Effective tax rate: -0.2%
> Industry: Utilities, gas and electric
8. Xcel Energy
> U.S. pre-tax income: $1.5 billion
> Federal income tax (including rebates): -$13 million
> Effective tax rate: -0.9%
> Industry: Utilities, gas and electric
Source: Courtesy of DTE Energy Co.
7. DTE Energy
> U.S. pre-tax income: $1.5 billion
> Federal income tax (including rebates): -$247 million
> Effective tax rate: -16.1%
> Industry: Utilities, gas and electric
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Source: Courtesy of Danaher Corporation
6. Danaher
> U.S. pre-tax income: $1.6 billion
> Federal income tax (including rebates): -$321 million
> Effective tax rate: -20.3%
> Industry: Miscellaneous manufacturing
Source: Justin Sullivan / Getty Images
5. American Electric Power
> U.S. pre-tax income: $2.2 billion
> Federal income tax (including rebates): -$138 million
> Effective tax rate: -6.4%
> Industry: Utilities, gas and electric
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Source: J. Michael Jones / iStock Editorial via Getty Images
4. Dish Network
> U.S. pre-tax income: $2.5 billion
> Federal income tax (including rebates): -$231 million
> Effective tax rate: -9.1%
> Industry: Telecommunications
Source: Noam Galai / Getty Images Entertainment via Getty Images
3. Salesforce.com
> U.S. pre-tax income: $2.6 billion
> Federal income tax (including rebates): -$12 million
> Effective tax rate: -0.5%
> Industry: Technology
Source: Natalie Behring / Getty Images News via Getty Images
2. Nike
> U.S. pre-tax income: $2.9 billion
> Federal income tax (including rebates): -$109 million
> Effective tax rate: -3.8%
> Industry: Miscellaneous manufacturing
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Source: Mr. Satterly / Public Domain / Wikimedia Commons
1. Charter Communications
> U.S. pre-tax income: $3.7 billion
> Federal income tax (including rebates): -$7 million
> Effective tax rate: -0.2%
> Industry: Telecommunications
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