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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How could this be possible, a corporation paying no tax at all. Shocking, just shocking. /s
And you and I pay almost ruinous taxes while Mega corporations pay almost nothing on their billions of profit.
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?
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.
Obviously, the problem is with Congress and the political class, that's a given but thanks for bringing it up.
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.
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.
In your opinion, they are highly partisan talking points, and if you are not interested in them it is best not to comment.
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.
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 !!
VATs are simple and much easier to enforce, that’s why most of the world has them.
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.
Not realistic, workable and certainly not equitable .
Why, it works in Canada, South America, the EU counties, and most of the Pacific Countries.
All those you mentioned have far more expansive/expensive social programs.
Yes and what you mentioned was
without stating why. Couldn’t the revenue from a VAT provide for more social programs?
I suppose it could, but is that the end goal ?
If a goal is getting more corporate tax revenue in a very efficient, harder to evade and less production distorting way, then yes.
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.