After Two Rounds of Trump Tax Cuts, Corporate America Paid Less Than Ever in 2025

The nation's largest and most profitable corporations paid an average federal income tax rate of just 10.4% in 2025, the lowest rate documented in more than four decades of research.

Our study looks at 706 major U.S. corporations that reported $1.88 trillion in domestic profits last year. Despite these enormous earnings, the companies collectively paid less than half the statutory federal corporate income tax rate of 21%. Of those corporations, 114 paid no current federal income tax at all.

This is the result of two rounds of corporate tax cuts enacted under President Trump. These findings paint a picture of a corporate tax system that is now more loophole than law.

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Key Findings

114 corporations paid zero federal income tax in 2025, including well-known companies such as Tesla, Walt Disney, CVS, Citigroup, United Airlines, DoorDash, and many more.

258 corporations paid effective tax rates below 7%, or less than one-third of the statutory 21% rate. Together, these companies reported $683 billion in U.S. profits but paid an effective federal income tax rate of just 1.7%.

The 706 corporations received nearly $200 billion in federal tax subsidies by paying less than the statutory 21% rate. They benefited from another $263 billion in tax savings after Trump's 2017 tax cuts slashed the statutory rate from 35% to 21%.

Just 25 corporations accounted for more than half of the nearly $200 billion in tax subsidies. Alphabet ($18.9 billion), Microsoft ($18.7 billion), Amazon ($17.4 billion), and Meta ($13.9 billion) were among the largest beneficiaries.

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