Nike Avoided Paying Federal Income Tax For 3 Years

The New York Times have reported that Nike was just one among several corporations who were able to avoid paying federal income taxes, legally of course.

According to the ITEP, much of this avoidance was potentially made by the Tax Reform Plan of 2017, carried out by the Republican majority Congress and approved by President Donald Trump. This meant that large companies to significantly trim their tax bills, reducing corporate tax rate from 35 to 21 percent. ITEP adds, “Nike didn’t pay a dime of federal income tax on almost $2.9 billion USD of U.S. pretax income last year, instead enjoying a $109 million tax rebate.”

Bernie Sanders took to Twitter to point out “If you paid $120 for a pair of Nike Air Force 1 shoes, you paid more to Nike than it paid in federal income taxes over the past 3 years, while it made $4.1 billion USD in profits and Nike’s founder, Phil Knight, became over $23 billion richer.”