88 Corporations That Paid No US Federal Income Tax in 2025 Spent $852 Million on Recent Lobbying, Elections

cEighty-eight corporations that paid no federal income tax last year spent roughly 852 million on US campaign contributions and lobbying during recent election cycles, a report published Thursday revealed.The report, The Current Price of Zero, was authored by Eileen O'Grady, a researcher at Public Citizen's Congress Watch division. The publication draws upon an analysis published in April by the Institute on Taxation and Economic Policy (ITEP) showing that at least 88 of the nation’s largest companies paid no federal corporate income tax in fiscal year 2025, despite reporting combined US pretax income of around 105 billion.Using data from OpenSecrets, which compiles and publishes campaign finance and lobbying data, we found that from the 2020 election cycle through the 2024 cycle, these 88 companies have spent nearly 852 million on lobbying and campaign contributions, O'Grady wrote. We highlight the companies that spent the most money on lobbying, hired the most lobbyists, lobbied specifically on tax issues, and contributed the most cash to political campaigns.The federal corporate income tax rate is 21, indicating that the 88 companies in the report dodged a combined 22.1 billion in taxes last year. Additionally, they received 4.7 billion in tax rebates, bringing their total tax breaks to approximately 26.7 billion.“The largest and richest corporations in the country are paying zero in federal income tax, and that is a slap in the face to the American taxpayers who are struggling to afford necessities like groceries and healthcare,” O’Grady said in a statement. Meanwhile, these companies are spending money that could have gone to the public good on lobbying for even more special advantages and tax breaks, she added. In this backwards, cash-fueled system, the deck is being stacked ever higher in favor of corporations, and against working people.”The report's key findings include:The 88 corporations that paid no federal corporate income tax in 2025 spent 712 million on lobbying and 140 million on campaign contributions over the last three election cycles; Comparing the taxes the corporations saved against the cost of their political spending, they collectively made a 3,000 return on investment;Coinbase Global spent the most of any company—89 million—followed by CVS Health (66 million), Honeywell International (56 million), American Electric Power (47 million), and Duke Energy (35 million); On average each year, these companies together have sent 1,119 lobbyists to influence the federal government, including on tax issues and legislation that changed the tax code in favor of corporate giveaways; and Since the beginning of 2025, these companies have collectively laid off at least 21,200 workers and announced plans to lay off thousands more.Our findings suggest that while Republicans lawmakers rewrote the tax code to enshrine massive giveaways to wealthy corporations, those same corporate tax dodgers poured millions into lobbying and political campaigns that yielded further tax breaks, which in turn has bankrolled even more political influence, O'Grady wrote. The result is a self-reinforcing loop where corporate cash buys policy, and policy pays cash back.The report singles out two related pieces of legislation—President Donald Trump's 2017 Tax Cuts and Jobs Act, and the so-called One Big Beautiful Bill Act (OBBBA), signed into law by Trump last July 4—which enabled several common strategies the companies used to get tax breaks and rebates.The most commonly used corporate tax giveaway, accelerated depreciation, enabled more than half of the companies to collectively avoid 11.4 billion in taxes by allowing them to write off capital investments immediately, O'Grady noted.In addition, a tax break supercharged under the Big Ugly Law allowed more than 30 companies to immediately write off research and development expenses, which alone netted them at least 4.4 billion in savings, she added, using a common liberal epithet for the OBBBA.Since the US Supreme Court's 2010 Citizens United v. Federal Election Commission ruling—which affirmed that political spending by corporations, nonprofit organizations, labor unions, and other groups is a form of free speech protected by the First Amendment—nearly 20 billion has been spent on US presidential elections and more than 53 billion on congressional races, according to data compiled by OpenSecrets. Spending on 2024 congressional races was double 2010 levels, while presidential campaign contributions were more than 50 higher in 2024 than in 2008, the last election before Citizens United.Ultrawealthy and corporate megadonors played a critical role in Trump’s 2024 victory. Fossil fuel interests spent more than 445 million during the 2024 election cycle on campaign donations, lobbying, and other efforts to elect Trump and his Republican allies, plus pass policies that benefit their climate-wrecking businesses. Artificial intelligence and cryptocurrency are fast emerging as some of the most prolific lobbyists. Trump and Republicans in Congress have promoted policies and legislation boosting these sectors and shielding them from government regulation. Elon Musk—the CEO of Tesla and SpaceX and majority owner of X who could soon become the world's first trillionaire—is the most prominent of the numerous Trump donors who have been rewarded with Cabinet nominations and other key appointments in “an administration dominated by billionaires and corporate interests,” as Americans for Tax Fairness executive director David Kass described it.O'Grady wrote that corporate tax dodgers spend lavishly on lobbying and campaign contributions that feed into more tax breaks, which in turn fund even more political spending on policies that serve to pad corporate profits—and the cycle continues.To remedy this, the report asserts: It is imperative that Congress undo the Republican tax giveaways to corporations like bonus depreciation and research and development write-offs. In addition, the corporate rate must be increased to at least the 35 rate that stood before the 2017 law.Corporations should not be able to deduct multimillion-dollar bonuses. And Congress must prevent multinational corporations from avoiding taxes by booking profits in offshore subsidiaries by equalizing the domestic and international tax rates, the publication concludes. With these and other reforms to our tax code, our nation could have more than enough revenue to breinvest in American communities and make life more affordable for everyone. It’s time to finally put people over corporate profits.