A progressive group pushing Congress to raise the corporate tax rate is launching an ad campaign targeting FedEx and Nike, two large American companies with light federal tax bills.
A progressive group demanding Congress raise the corporate tax rate is launching an ad campaign targeting FedEx and Nike, two iconic U.S. companies with light federal tax bills, the group said Monday.
Tax March, which held dozens of demonstrations in 2017 calling on former President Donald Trump to release his tax returns, plans to release ads targeting FedEx on Tuesday.
A report by the Institute on Taxation and Economic Policy claims FedEx “zeroed out its federal income tax on $1.2 billion of U.S. pretax income in 2020 and received a rebate of $230 million.” The report adds that the lack of payments by some corporations is linked to historic tax breaks as well as Trump’s 2017 tax reform plan and the coronavirus relief bill known as the CARES Act.
Tax March also plans to target Nike with a newspaper ad next week in the shoe giant’s home state of Oregon, according to Dana Bye, the campaign director for the group.
The institute’s report said Nike “didn’t pay a dime of federal income tax on almost $2.9 billion of U.S. pretax income last year, instead enjoying a $109 million tax rebate.”