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Even with pretax profits, many big companies pay zero US tax

The Associated Press FILE – In this April 13, 2014 file photo, the Internal Revenue Service Headquarters (IRS) building is seen in Washington. More than 50 of the largest U.S. companies paid nothing in federal income taxes last year, even though they reported big pretax profits as a group. That’s according to the Institute on Taxation and Economic Policy, a group that believes the tax system needs to raise more revenue. (AP Photo/J. David Ake, File) More than 50 of the largest U.S. companies paid nothing in federal income taxes last year, even though they reported big pretax profits as a group By STAN CHOE and KEN SWEET AP Business Writers (https://abcnews.go.com/Business/wireStory/pretax-profits-big-companies-pay-us-tax-76842308) 2 April 2021 NEW YORK — Just as President...