19 of America's biggest companies paid little — or zero — income tax: "The tax code is broken"

Nineteen of the biggest American corporations paid little or no taxes last year, according to a new analysis of financial filings by liberal think tank Center for American Progress (CAP). That comes as U.S. companies enjoyed their most profitable year since 1950, thanks to government support as well as a surge in consumer spending as the pandemic eased.

Corporations received a major tax break in 2017 when President Trump signed the Tax Cuts and Jobs Act, which lowered the corporate tax rate to 21% from 35%. But the CAP analysis found that many large businesses are paying much less than the statutory 21% rate — sometimes even driving their tax rate below zero, effectively getting a refund — thanks to loopholes such as deductions and write-offs. 

The findings come at a time the Biden administration is pushing for a new corporate minimum tax of 15% — a baseline rate that advocates say would help ensure that profitable companies pay their fair share.