With portions of the Trump 2017 corporate tax giveaways set to expire in 2025, government watchdog Accountable.US and Americans for Tax Fairness today released a damning new report revealing how a small number of top corporations—including familiar names like Apple, Microsoft, and JP Morgan—bring in a huge amount of national profits while paying shockingly little in taxes. Per the analysis, these companies have the most at stake in the 2025 tax debate. 

Of the top 136 American companies on the 2023 global Fortune 500, just 10 are responsible for 46% of the total profits; and of nearly 600,000 US companies, 10 were responsible for 15% of all corporate taxes in 2021. Between 2018 and 2022, 25 companies reaped more than half of the tax code’s loopholes, benefits, and special breaks—giveaways worth more than $150 billion. 

REPORT HIGHLIGHTS

Alphabet (Google): Of the over $50 billion the top 15 corporate beneficiaries of the FDII loopholehave received over the first six years of the Trump law, almost one-quarter (23.8%, or nearly $12 billion) was reaped by Alphabet alone. 

Apple: Apple made $100 billion in profits in 2023–9% of all the profits made by all the corporations in the whole country. This one company paid about 2% of all the corporate taxes collected from all sources in 2021 and 2022. But it paid a tax rate of just 14.2% in that first year–a lower rate than the average American family paid (14.9%). 

Bank of America: Over the first five years of the Trump tax law (2018-22), Bank of America enjoyed more tax-code subsidies–nearly $24 billion worth–than any other corporation. Those special breaks help explain how the bank paid a federal income-tax rate of just 3.8% on almost $139 billion in profits over that span. That’s less than a fifth of the statutory 21% rate and less than a quarter of the rate paid by the average American family in 2021 (14.9%). 

Read the full report here.