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19 of Most Profitable U.S. Corporations Pay Little or No Income Tax

HeadlineApr 29, 2022

A new analysis of Fortune 100 investor filings shows that 19 of the most profitable corporations in the United States are paying little or no federal income tax. The Center for American Progress found AT&T and Dow Inc. paid zero federal income taxes last year — despite nearly $30 billion in earnings, AT&T reported a tax refund of $1.2 billion. Meanwhile, Amazon, ExxonMobil, Verizon, JPMorgan Chase, Bank of America and others paid extremely low tax rates.

In related news, shares of Meta — the parent company of Facebook and Instagram — rose by over 17% Thursday, making founder Mark Zuckerberg nearly $11 billion wealthier in just one day.

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