Just as the Biden administration is pushing to raise taxes on corporations, a new study finds that at least 55 of America’s largest paid no taxes last year on billions of dollars in profits.
The sweeping tax bill passed in 2017 by a Republican Congress and signed into law by President Donald J. Trump reduced the corporate tax rate to 21 percent from 35 percent. But dozens of Fortune 500 companies were able to further shrink their tax bill — sometimes to zero — thanks to a range of legal deductions and exemptions that have become staples of the tax
On Feb. 25, Bloomberg News reported that Hebert’s 19-year-old son was circumventing online purchase limits and buying Yeezys and other newly released sneakers en masse to sell them through his resale business, West Coast Streetwear. According to the report, Joe Hebert used an American Express card for West Coast Streetwear, not Nike, in Ann Hebert’s name. When asked about the connection, he said he had never received inside information related to his mother’s position at Nike.
Nike spokeswoman Sandra Carreon-John told The Washington Post that Hebert told the company about her son’s business in 2018 and that, upon review, Nike
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