Channel: CNBC

Category: News & Politics

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Description: At least 55 of the largest corporations in America paid no federal corporate income taxes on their 2020 profits, according to the Institute on Taxation and Economic Policy. Some of these companies include big names FedEx, Nike, HP and Salesforce, and it's costing the U.S. government billions of dollars. Those 55 corporations would have paid a collective total of $8.5 billion. Instead, they received $3.5 billion in tax rebates, collectively draining $12 billion from the U.S. government. These estimates don't include corporations that paid only some but not all of these taxes, like Netflix and Amazon. Watch the video above to learn about how the most profitable companies in the country maneuver the complicated tax system to avoid federal corporate income taxes, different forms of tax expenditures and what policy solutions may bridge the gap. » Subscribe to CNBC: cnb.cx/SubscribeCNBC » Subscribe to CNBC TV: cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC Classic: cnb.cx/SubscribeCNBCclassic About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Connect with CNBC News Online Get the latest news: cnbc.com Follow CNBC on LinkedIn: cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: cnb.cx/LikeCNBC Follow CNBC News on Twitter: cnb.cx/FollowCNBC Follow CNBC News on Instagram: cnb.cx/InstagramCNBC Subscribe to CNBC PRO: cnb.cx/2NLi9AN #CNBC How Companies Like Amazon, Nike and FedEx Avoid Taxes