In case you want one more reason to shout “tax the wealthy” from the rooftops, it is right here, and it may make you indignant. A study discovered that 35 main US corporations paid their high 5 executives greater than they paid in federal revenue taxes between 2018 and 2022, the Guardian reports. The findings, which come from The Institute for Coverage Research and People for Tax Equity, are even much less surprising whenever you be taught the worst offender: Tesla.
Elon Musk’s firm earned $4.4 billion throughout these 5 years and gave its executives $2.5 billion. Regardless of that, Tesla not solely did not pay any federal taxes, nevertheless it acquired $1 million in refunds from the federal government. Musk himself is the second richest particular person on this planet, with Forbes reporting he had a web value of $207.9 billion firstly of March.
Tesla is one among 35 corporations that paid much less federal income tax than they paid their high 5 executives throughout that interval. In complete, the well-deserving and not-at-all grasping execs of those corporations raked in $9.5 billion over these years, whereas cumulatively those self same corporations acquired $1.8 billion again from the federal government. Eighteen of those companies reported web earnings over the 5 years however did not pay a cent of federal revenue tax. (All however one acquired refunds).
The research lists different notable corporations like T-Mobile, Netflix, Ford Motor and Match Group alongside Tesla. T-Cell made $17.9 billion, paid executives $675 million and acquired $80 million in refunds. The cell supplier has spent an unbelievable amount of cash on lobbying Congress for tax breaks, spending $9 million in 2022 alone. Netflix really did pay some taxes, however the $236 million was simply 1.6 % of its $15.1 billion in earnings — and simply over a 3rd of what it paid these high 5 executives. The statutory price for federal revenue tax is 21 %, so yeah, be happy to scream.
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