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88 Corporations That Paid No US Federal Income Tax in 2025 Spent $852 Million on Recent Lobbying, Elections
"The result," said the author of a new Public Citizen analysis, "is a self-reinforcing loop where corporate cash buys policy, and policy pays cash back."
Jun 11, 2026
Eighty-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."
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As AIPAC Spends Millions to Oust Him, Massie Unveils Bill Requiring Pro-Israel Lobby to Register as Foreign Agent
“The lobbying that happens on Capitol Hill should be reported if it’s a foreign country, whether it’s Great Britain, Australia, Turkey, Qatar, or Israel,” said the Kentucky Republican.
May 15, 2026
As the Israel lobby attempts to end his political career, the Republican Rep. Thomas Massie has introduced a bill that would require lobbyists working for the American Israel Public Affairs Committee, commonly known as AIPAC, to register as foreign agents.
The bill, known as the Americans Insist on Political Agent Clarity (AIPAC) Act, would amend the Foreign Agents Registration Act of 1938 (FARA), which requires those working to influence government policy on behalf of a foreign power to register with the US Department of Justice (DOJ).
Most lobbyists and donors for AIPAC are American, leading the DOJ to classify it as a domestic, rather than foreign, lobbying group. But critics have argued that it engages in extensive coordination with the Israeli government and that groups lobbying for the interests of other countries are treated with stricter scrutiny.
“Today, I introduced a bill called the AIPAC Act… which would make AIPAC subject to the Foreign Agents Registration Act," Massie (R-Ky.) announced on Redacted News Thursday. "For some reason, they’re immune right now, and I think not just the money that’s spent in politics, but the lobbying that happens on Capitol Hill should be reported if it’s a foreign country. Whether it's Great Britain, Australia, Turkey, Qatar, or Israel, it needs to be reported."
Massie has established himself as the leading Republican critic of President Donald Trump in Congress, agitating for transparency from the DOJ on the Jeffrey Epstein files and stridently opposing increased military spending and the president's aggressive overseas wars, including in Iran.
He has also distinguished himself as one of the few Republicans willing to publicly criticize Israel and call for the US to "immediately terminate" military aid in response to its killing of tens of thousands of women and children in Gaza.
His debut of the AIPAC Act comes as he's in the fight of his political life in Kentucky, where pro-Israel lobbying groups have unleashed a flood of money to unseat him in next week's Republican primary.
The United Democracy Project, an AIPAC-affiliated super PAC, has spent about $2.6 million, according to Axios, while the Republican Jewish Coalition has dropped $4 million to support Massie’s opponent, retired Navy SEAL Ed Gallrein. The Christian Zionist group Christians United For Israel has dropped six figures on a campaign to blanket “every available billboard," it said, in Kentucky’s 4th congressional district with anti-Massie messaging.
Trump has also thrown his support behind Gallrein, and two of his senior political advisers, Chris LaCivita and Tony Fabrizio, have raised more than $2 million for their MAGA KY PAC from a trio of top pro-Israel billionaires—hedge fund manager Paul Singer, investor John Paulson, and a group linked to casino mogul Miriam Adelson, according to Axios.
In all, the GOP primary in KY-04 has become the most expensive House primary on record in US history, with more than $25 million spent on advertising in total, surpassing the 2024 Democratic primary in New York's 16th district, where AIPAC and its allies unleashed another torrent of cash and successfully felled the progressive Rep. Jamal Bowman (D).
"[The money] didn't come from regular people. It's come from billionaires, and 95% of it... has come from the Israeli lobby," Massie said of the funds spent to oust him during an appearance on Tucker Carlson's podcast last week. "Their position is more war, it's more strife, it's more bombs, it's more foreign aid, and those are the things that I've been voting against."
Right now, the ad blitz—which has portrayed Massie as disloyal to MAGA—has put the incumbent in a position to lose his race. A Quantus Insights poll earlier this week showed him trailing with 43% of likely voters to Gallrein's 48%.
Massie said: "The real reason that this race is a serious race, and I may lose, is because a foreign lobby has fully funded to the extent that they've never done in any Republican race ever before."
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Warren, Scott Propose Lifetime Lobbying Ban for Ex-Lawmakers
“It’s simple: Members of Congress should spend their time in Washington serving the American people, not preparing to cash in big time with a cushy lobbying career after they leave office,” said Sen. Elizabeth Warren.
May 14, 2026
US Sens. Elizabeth Warren and Rick Scott introduced a bipartisan bill on Thursday to permanently ban members of Congress from becoming lobbyists after leaving office.
Right now, ex-lawmakers are given just a brief "cooling-off" period before they are allowed to return and lobby their former colleagues—one year in the House of Representatives and two years in the Senate.
According to OpenSecrets, about 41% of former members of the 117th Congress have gone on to work for a lobbying firm or client, which Warren (D-Mass.) said raises the prospect that they're "thinking about how they can make money in their next gig while in office."
The bill she co-introduced with Scott (R-Fla.), known as the Banning Lobbying And Safeguarding Trust (BLAST) Act, would replace the cooling-off periods with a permanent ban, forbidding former lawmakers from registering as lobbyists or engaging in the activities that would require them to do so.
It also bans ex-congresspeople from making lobbying contracts, which are often used as loopholes to avoid formal registration.
Those who violate the act could face up to five years in prison for knowing and willful violations.
“It’s simple: Members of Congress should spend their time in Washington serving the American people, not preparing to cash in big time with a cushy lobbying career after they leave office,” Warren said. “It’s long past time to close the revolving door that’s corrupted our government and destroyed public trust in elected officials. This bipartisan bill is an important push to get that done.”
While Warren has a long record of seeking to limit the influence of money in politics, Scott's presence as a cosponsor was a head-scratcher for many observers.
A former healthcare CEO whose company was hit with the largest healthcare‑fraud settlement in US history, he has always been a reliable partner to corporate interests and has been cited as one of the top Republican recipients of fossil fuel and defense industry money.
Nevertheless, Scott described the "revolving door between Capitol Hill and K Street" as a major reason trust in institutions is at an all-time low among Americans.
Regardless of his own intentions, Scott is seizing on a sense of distrust among the American public that is both very real and very bipartisan.
With this coming midterm election cycle expected to be the most expensive in history, 72% of Americans said in a Politico poll released last week that there is "too much money from special interest groups in American elections," while just 5% disagreed. This belief was virtually equal between Republicans and Democrats.
And while more Democrats (76%) felt it necessary to curb billionaire control of politics, over half of Republican voters (54%) also agreed that billionaires had "too much influence" over elections.
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