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The country’s largest companies dodged more than $276 billion in federal corporate income taxes from 2018 to 2022, a new report from the nonprofit Institute on Taxation and Economic Policy finds.
The report examined corporate income taxes paid by 342 of the country’s largest companies from 2018 to 2022, the latest year for which companies have reported their earnings. All of them were profitable in all five years covered by the report.
Yet the vast majority used loopholes and special tax breaks to pay an effective federal income tax rate well below 21%, the rate they were required to pay on paper. And 109 — or nearly one out of every three — found a way to pay zero federal income taxes in at least one year out of the five. Those same 109 corporations scored $14.34 billion in federal tax rebates over the five year period.
The findings underscore that the 21% corporate tax rate is “a fiction,” said Matt Gardner, the lead author and an ITEP senior fellow — particularly for huge multinationals.
https://www.bbc.co.uk/news/business-685616143 hours ago
The maker of Marlboro cigarettes, Altria Group, says it will sell more than $2.2bn (£1.7bn) of shares in AB InBev, the owner of the Bud Light and Stella Artois beer brands.
The move will see Altria offloading 35 million AB InBev shares.
The tobacco giant currently owns a stake of around 10% in the world's biggest brewer, worth about $12.7bn.
Bud Light sales have been hit after a US boycott over its work with transgender influencer Dylan Mulvaney.
The sale is "an opportunistic transaction that realises a portion of the substantial return on our long-term investment," Altria's chief executive, Billy Gifford, said in a statement.
