Companies Scored Billions in Tax Breaks Since 2017, Report Finds

Bank of America, AT&T Inc., JP Morgan Chase & Co., and Verizon Communications Inc. all received tax breaks totaling over $10 billion each during the past five years, a new report shows.

The Institute of Taxation and Economic Policy report found that profitable corporations had an average effective tax rate that’s about one-third less than the 21% federal corporate income tax rate between 2018 and 2022. Twenty-three corporations paid zero federal income taxes while 86 paid less than 10% of their income in federal taxes. The report from the left-leaning group attributes the lowered rate to “special ...