THE RULING AMERICAN OLIGARCHY - JOE BIDEN IS THEIR SENILE EMPTY HEADED FIGUREHEAD - Nike Among Corporations Paying No Federal Income Taxes Since 2018

 

Nike Among Corporations Paying No Federal Income Taxes Since 2018

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JOHN BINDER

5 Apr 202123

3:26

Multinational sportswear corporation Nike is among at least 26 corporations that have paid zero dollars in federal income taxes since 2018, a new report details.

Analysis conducted by the Institute on Taxation and Economic Policy reveals that in 2020, at least 55 of the nation’s biggest corporations paid nothing in federal income taxes. Of those 55 corporations, 26 have paid no federal income tax since 2018.

Last year, the 55 corporations enjoyed close to $40.5 billion in pre-tax income, according to the analysis. The corporations would have paid $8.5 billion collectively if they had paid the 21 percent tax rate for corporate profits.

Instead, the corporations received $3.5 billion in tax rebates and their total corporate tax breaks for last year total $12 billion.

Among the corporations paying nothing in federal income taxes in 2020 are Nike, Charter Communications, Dish Network, FedEx, HP, Salesforce.com, Telephone and Data Systems, Fiserv, Akamai Technologies, and Lincoln National.

Specifically, FedEx paid zero federal income tax on $1.2 billion in pre-tax income last year, while Nike paid zero federal income tax on $2.9 billion of pre-tax income. The Dish Network, with pre-tax income of $2.5 billion in 2020, also paid nothing, and Salesforce.com avoided federal income taxes on its $2.6 billion pre-tax income.

As noted, 26 of the 55 corporations have been able to escape all federal income tax since 2018, the analysis reveals. Between 2018 to 2020, these 26 corporations were profitable each year but paid nothing in federal income taxes on their collective $77 billion pre-tax income and $4.6 billion worth of tax rebates.

These corporations include Nike, Dish Network, FedEx, Salesforce.com, Telephone and Data Systems, and Mohawk Industries. Nike, for instance, paid no federal income tax between 2018 to 2020 on $4.1 billion of pre-tax income while FedEx paid no federal income tax on nearly $6.9 billion of pre-tax income in the same period.

The analysis comes after economists confirmed in 2019 that the wealthiest of Americans — billionaires and multi-millionaires — paid a lower tax rate than all other economic groups in the United States, including working and middle class Americans.

The nation’s top 400 highest earners in 2018, the economists found, paid a 23 percent tax rate, which is a combined tax payment that is less than one-quarter of their total income. Since 1950, the wealthiest of Americans’ tax rate has been slashed by 47 percentage points. In 1950, the highest earners paid a tax rate of 70 percent.

John Binder is a reporter for Breitbart News. Email him at jbinder@breitbart.com. Follow him on Twitter here. 

Data: Multinational Corporations Kept Outsourcing American Jobs in Pandemic

Graeme Jennings-Pool/MANDEL NGAN/MICHAEL REYNOLDS/POOL/AFP via Getty Images

JOHN BINDER

5 Apr 202122

3:40

A number of multinational corporations and outsourcing firms continued outsourcing American white-collar jobs in Fiscal Year 2020 to H-1B foreign visa workers, data reveals.

Thirty multinational corporations, big banks, and outsourcing firms were awarded approval by the United States Citizenship and Immigration Services (USCIS) agency to outsource more than 33,000 American white-collar jobs to H-1B foreign visa workers, according to data compiled by Economic Policy Institute (EPI) researchers.

“Members of Congress and Presidents from both parties over the past 14 years — who have been well-informed that the H-1B program has morphed into a corporate scam to offshore U.S. tech jobs and underpay migrant workers — have turned a blind eye to fixing it,” the EPI researchers write.

The H-1B visa program allows companies to bring 85,000 foreign workers to take American jobs each year and likely thousands more as universities and nonprofits are exempt from this annual cap.

There are about 650,000 H-1B visa foreign workers in the U.S. at any given moment. Americans are often laid off in the process and forced to train their foreign replacements, as highlighted by Breitbart News.

The data from October 2019 to September 2020 shows that Amazon, Microsoft, Google, Facebook, Apple, Qualcomm, Oracle, Cisco Systems, Walmart, and McKinsey, as well as big banks such as Citigroup, JPMorgan Chase, and Goldman Sachs, and outsourcing firms like Infosys, Tata Consulting Services, Tech Mahindra Americas, IBM, Deloitte, Cognizant, and Capgemini were among the firms that were approved to outsource more than 33,000 American jobs.

In total, these 30 corporations, banks, and outsourcing firms were approved to import nearly 4-in-10 of all the H-1B foreign visa workers allowed to take American jobs last year.

Of the 30 top outsourcers, more than half are outsourcing firms whose business model relies on widening profit margins by outsourcing and eventually offshoring American jobs.

“Many of the outsourcing firms on this list have been reported to use the H-1B program to replace U.S. workers in cases that garnered national attention,” the researchers noted.

Even as about 17 million Americans remain jobless, all of whom want full-time work, President Joe Biden has ended former President Trump’s executive order that paused visa programs like the H-1B visa to shore up jobs for unemployed Americans.

Biden’s restarting the visa program came after corporate interests had lobbied the administration to let the Trump order expire. Many of those corporations who lobbied Biden will now more easily be able to outsource American jobs.

Despite the decision, the latest survey from Rasmussen Reports finds that 66 percent of likely U.S. voters say it is better for businesses to raise wages and provide better benefits to recruit Americans rather than importing foreign workers — 73 percent of Republicans, 63 percent of Democrats, and 62 percent of swing voters.

Likewise, 65 percent of voters said the nation’s labor market “already has enough talented people to train and recruit for most of those jobs” and does not need more.

John Binder is a reporter for Breitbart News. Email him at jbinder@breitbart.com. Follow him on Twitter here.