Two major facts underpin this post: S&P 500 profit margins are indeed reaching 17-year highs (13.4% in Q1 2026), and an ITEP analysis confirmed that 88 major corporations paid zero federal income tax on $105+ billion in collective profit in 2025. The profit margin claim is straightforward. The zero-tax claim is more contested—while the underlying numbers are real and from SEC filings, a Cato analysis disputes whether comparing financial accounting profits to tax deductions fairly represents tax avoidance, since they follow different accounting rules. The framing strongly implies Trump's tax cuts caused this outcome; the evidence supports that the cuts contributed, but the full picture involves depreciation deductions, R&D expensing, and other structural features that predate 2025.