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A new report reveals how much some of America’s biggest companies, including Tesla, T-Mobile and Netflix, paid in federal income taxes compared to how much profits the companies made and what they paid the highest amount. He became a central figure. Executive.
The Institute for Policy Studies and Americans for Tax Fairness report Wednesday’s announcement revealed that a “significant number” of large U.S. companies, totaling 35 companies, paid more in compensation than they paid in federal income taxes to their top five executives from 2018 to 2022. became.
Elon Musk’s Tesla topped the list. The company paid its top five executives $2.5 billion over five years, generating $4.4 billion in profits for the United States.
Tesla Motors CEO Elon Musk spoke to the media next to a Model S during a press conference in Hong Kong. 16/25 SCMP/ Nora Tam (Photo by Nora Tam/South China Morning Post, Getty Images)
Musk’s net worth is about $184 billion, of which about $69.7 billion is based on the value of his Tesla stock, the newspaper said. Bloomberg Billionaires Index. Mr. Musk is one of the top three richest people in the world.
The report states that Tesla’s record profits, the company has “never paid a penny in federal income taxes.” The report said a potential cause of this trend could be that Tesla carried forward losses even before it became profitable.
“These loss carryforwards smooth out the nature of corporate finances, which tend to cycle through booms and busts,” the report states.
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T-Mobile came in second on the list, earning $17.9 billion in U.S. profits over five years and paying zero net federal income taxes. The company’s five executives were paid $675 million from 2018 to 2022, with CEO and President Mike Siebert receiving $158 million of that amount, according to the report.
There are some tax avoidanceor tax-minimization strategies mentioned in the report, such as moving U.S. profits to offshore tax havens or using stock options. tax credit.
This report does not take into account state, local, or payroll taxes.
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