OREGON – US sportswear giant Nike has been named among dozens of US corporations which have avoided paying federal income tax over the past three years thanks to a 2017 bill that reduced the corporate tax rate from 35 to 21 per cent. Nike made US$4.1bn in profits over the last three years but did not pay any federal income tax for its earnings according to data compiled by the Institute on Taxation and Economic Policy.
Nike achieved further reductions through legal deductions and exemptions that were written into the tax code as part of the 2017 bill. These loopholes allowed Nike to avoid paying any income tax at all.
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