Data: Center for American Progress analysis of company 10-k filings; Chart: Baidi Wang/Axios
Nineteen of the biggest companies in the U.S. paid very little in federal income tax last year, according to a new report provided exclusively to Axios by the progressive think tank Center for American Progress (CAP). Four companies paid less than zero in federal income tax, including AT&T, Charter Communications, American International Group and Dow Inc.
Why it matters: Corporate profits surged to record highs last year, thanks in part to copious amounts of government spending. The idea that companies that earned billions aren't paying any federal tax is sure to fuel simmering criticisms from Democratic lawmakers.
