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Tesla Skips Federal Taxes, Dishes Out Billions To Execs: Study Exposes Corporate Tax Inequities

  

Category:  News & Politics

Via:  kavika  •  one month ago  •  19 comments

Tesla Skips Federal Taxes, Dishes Out Billions To Execs: Study Exposes Corporate Tax Inequities

S E E D E D   C O N T E N T





A recent study by the Institute for Policy Studies and Americans for Tax Fairness has unveiled a glaring discrepancy in the tax practices of major U.S. corporations, shedding light on a system that prioritizes executive compensation over federal tax obligations.

Among the 35 companies analyzed, Tesla emerges as a standout example, demonstrating a disconcerting trend that extends across multiple industries.


Between 2018 and 2022,   Tesla   not only failed to pay any federal income taxes but also received a $1 million refund from the government.

Meanwhile, the electric vehicle giant allocated a staggering $2.5 billion to its top five executives, underscoring a stark disparity in financial priorities. This revelation comes amidst Elon Musk’s status as the world’s second-wealthiest individual, with a reported net worth exceeding $200 billion.

The study’s findings reveal a broader pattern of corporate behavior, with numerous companies prioritizing executive compensation over tax obligations. Over the five years examined, these corporations collectively paid their top executives $9.5 billion while simultaneously receiving $1.8 billion in tax refunds from the government.

Astonishingly, 18 of these companies reported significant net profits but managed to evade federal income taxes entirely, with all but one receiving refunds. Among the prominent entities highlighted in the study, Tesla and   Ford Motor   stand out for their stark contrasts between executive compensation and federal tax payments.

LINK TO SEEDED ARTICLE: https://www.msn.com/en-us/money/markets/tesla-skips-federal-taxes-dishes-out-billions-to-execs-study-exposes-corporate-tax-inequities/ar-BB1jYHUm?ocid=hpmsn&cvid=c8fe93fc50f84f53bb487d3a1e88f4c7&ei=15


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Kavika
Professor Principal
1  seeder  Kavika     one month ago

How could this be possible, a corporation paying no tax at all. Shocking, just shocking. /s

 
 
 
cjcold
Professor Quiet
1.1  cjcold  replied to  Kavika @1    one month ago

And you and I pay almost ruinous taxes while Mega corporations pay almost nothing on their billions of profit.

 

 
 
 
Drinker of the Wry
Junior Expert
1.1.1  Drinker of the Wry  replied to  cjcold @1.1    one month ago
And you and I pay almost ruinous taxes

Almost ruinous taxes?  Several weeks ago you claimed to have more money than you need,  Why don’t you want to pay you fair share?

 
 
 
Snuffy
Professor Participates
1.2  Snuffy  replied to  Kavika @1    one month ago

As the posted article contains no reference to the IRS taking Tesla to court for a filing violation, one can assume that Tesla did follow the law for the IRS as set by Congress. So what's the point in posting another highly partisan seed that hits the partisan talking points yet does nothing to elevate the discussion? The problem is obviously with Congress, why don't you reach out to your representatives to get the ball rolling. 

 
 
 
Kavika
Professor Principal
1.2.1  seeder  Kavika   replied to  Snuffy @1.2    one month ago
As Nothe posted article contains no reference to the IRS taking Tesla to court for a filing violation, one can assume that Tesla did follow the law for the IRS as set by Congress. So what's the point in posting another highly partisan seed that hits the partisan talking points yet does nothing to elevate the discussion? 

Obviously, the problem is with Congress and the political class, that's a given but thanks for bringing it up. 

The problem is obviously with Congress, why don't you reach out to your representatives to get the ball rolling. 

What makes you think that I haven't? If you're satisfied with the status quo that's fine but if not you could follow your own advice.

BTW, the article is about how corporations pay their executives millions and also hundreds of million profit yet little to nothing in taxes. It wasn't about taking anyone to court but showing the inequity in the system.

 
 
 
Snuffy
Professor Participates
1.2.2  Snuffy  replied to  Kavika @1.2.1    one month ago
What makes you think that I haven't?

Perhaps if you had said so rather than just post highly partisan talking points, I would not have asked you that.

And to be honest, reaching out to our representatives is not very productive as their first oath of allegiance is to their party, not to the country or the people they represent.  But by posting and parroting the partisan talking points, you are helping to further the partisan break and not helping an honest discussion of the issue. 

 
 
 
Kavika
Professor Principal
1.2.3  seeder  Kavika   replied to  Snuffy @1.2.2    one month ago
Perhaps if you had said so rather than just post highly partisan talking points, I would not have asked you that.

In your opinion, they are highly partisan talking points, and if you are not interested in them it is best not to comment. 

But by posting and parroting the partisan talking points, you are helping to further the partisan break and not helping an honest discussion of the issue. 

My, you must consider yourself above all that ''partisan talking points'' and not helping an honest discussion on the issue. I wasn't aware that I'm being monitored as to the substance of my comments or articles, if that is the case you should participate in more of my articles, I post quite a few and on numerous subjects. In fact if you scan the number of articles up to be discussed you'll see that five or six are mine. You should review each and give us your take on its partisanship, or not.

 
 
 
fineline
Freshman Silent
1.3  fineline  replied to  Kavika @1    one month ago

 The tax code is the issue . Enforcement the problem . IRS will tell you they don't have the resources to collect revenue from corporate entities . Politicians don't have the will to appropriate more funds to the IRS or amend the code . GREED !!  

 
 
 
Drinker of the Wry
Junior Expert
1.3.1  Drinker of the Wry  replied to  fineline @1.3    one month ago
Enforcement the problem . IRS will tell you they don't have the resources to collect revenue from corporate entities

VATs are simple and much easier to enforce, that’s why most of the world has them.

 
 
 
Greg Jones
Professor Participates
1.3.2  Greg Jones  replied to  fineline @1.3    one month ago
"IRS will tell you they don't have the resources to collect revenue from corporate entities . Politicians don't have the will to appropriate more funds to the IRS or amend the code."
The IRS more than enough resources to go after corporations and the rich. Prove otherwise.
Here Is Who Really Pays the Most Taxes in America | The National Interest
Federal Income Tax Data, 2021 Update | Tax Foundation
From the above article:
  • The top 1 percent paid a greater share of individual income taxes (40.1 percent) than the bottom 90 percent combined (28.6 percent).
  • The top 1 percent of taxpayers paid a 25.4 percent average individual income tax rate, which is more than seven times higher than taxpayers in the bottom 50 percent (3.4 percent).
 
 
 
Texan1211
Professor Principal
2  Texan1211    one month ago

Why do people keep getting mad at companies and corporations for following the tax laws set in place for them to use?

Your anger is misplaced.

 
 
 
Drinker of the Wry
Junior Expert
3  Drinker of the Wry    one month ago

Perhaps we should replace corporate income tax with a Value Added Tax (VAT).  The main benefits of VAT is that in relation to many other forms of taxation, "it does not distort firms' production decisions, it is difficult to evade, and it generates a substantial amount of revenue.”  VATs have a much broader base than the corporate income tax, and are a more economically efficient source of revenue.

 
 
 
fineline
Freshman Silent
3.1  fineline  replied to  Drinker of the Wry @3    one month ago

Not realistic, workable and certainly not equitable .

 
 
 
Drinker of the Wry
Junior Expert
3.1.1  Drinker of the Wry  replied to  fineline @3.1    one month ago
Not realistic, workable and certainly not equitable

Why, it works in Canada, South America, the EU counties, and most of the Pacific Countries.

 
 
 
fineline
Freshman Silent
3.1.2  fineline  replied to  Drinker of the Wry @3.1.1    one month ago

All those you mentioned have far more expansive/expensive social programs. 

 
 
 
Drinker of the Wry
Junior Expert
3.1.3  Drinker of the Wry  replied to  fineline @3.1.2    one month ago

Yes and what you mentioned was 

Not realistic, workable and certainly not equitable .

without stating why.  Couldn’t the revenue from a VAT provide for more social programs?

 
 
 
fineline
Freshman Silent
3.1.4  fineline  replied to  Drinker of the Wry @3.1.3    one month ago

I suppose it could, but is that the end goal ?

 
 
 
Drinker of the Wry
Junior Expert
3.1.5  Drinker of the Wry  replied to  fineline @3.1.4    one month ago

If a goal is getting more corporate tax revenue in a very efficient, harder to evade and less production distorting way, then yes.

 
 
 
Drinker of the Wry
Junior Expert
4  Drinker of the Wry    one month ago

Capital losses are allowed as an offset to capital gains. For corporations, an excess of capital losses over capital gains in a tax year generally may be carried back three years and carried forward five years to be used to offset capital gains.

More complete reporting would include if the was a factor.  Also the corporate gains are international ones, how much income tax was paid in other countries?  We shouldn’t also forget that individual income tax’s were made here by capital that the corporations made.

 
 

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