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{"id":863,"date":"2024-04-05T05:29:18","date_gmt":"2024-04-05T05:29:18","guid":{"rendered":"https:\/\/aitesonics.com\/tesla-paid-no-federal-income-taxes-while-paying-executives-25-billion-over-five-years-154529907\/"},"modified":"2024-04-05T05:29:18","modified_gmt":"2024-04-05T05:29:18","slug":"tesla-paid-no-federal-income-taxes-while-paying-executives-25-billion-over-five-years-154529907","status":"publish","type":"post","link":"https:\/\/aitesonics.com\/tesla-paid-no-federal-income-taxes-while-paying-executives-25-billion-over-five-years-154529907\/","title":{"rendered":"Tesla paid no federal income taxes while paying executives $2.5 billion over five years"},"content":{"rendered":"

In case you need another reason to shout "tax the rich" from the rooftops, it's here, and it's going to make you angry. A study<\/a> found that 35 major US companies paid their top five executives more than they paid in federal income taxes between 2018 and 2022, the<\/em> Guardian<\/em> reports<\/a>. The findings, which come from The Institute for Policy Studies and Americans for Tax Fairness, are even less shocking when you learn the worst offender: Tesla<\/a>.<\/p>\n

Elon Musk's company earned $4.4 billion during those five years and gave its executives $2.5 billion. Despite that, Tesla not only didn't pay any federal taxes<\/a>, but it received $1 million in refunds from the government. Musk himself is the second richest person in the world, with Forbes<\/em> reporting<\/a> he had a net worth of $207.9 billion at the start of March.<\/p>\n

Tesla is one of 35 companies that paid less federal income tax<\/a> than they paid their top five executives during that period. In total, the well-deserving and not-at-all greedy execs of these companies raked in $9.5 billion over these years, while cumulatively those same companies received $1.8 billion back from the government. Eighteen of these businesses reported net profits over the five years but didn't pay a cent of federal income tax. (All but one got refunds).<\/p>\n

The study lists other notable companies like T-Mobile<\/a>, Netflix, Ford Motor alongside Tesla. T-Mobile made $17.9 billion, paid executives $675 million and received $80 million in refunds. The mobile provider has spent an incredible amount of money on lobbying Congress for tax breaks<\/a>, spending $9 million in 2022 alone. Netflix<\/a> actually did pay some taxes, but the $236 million was just 1.6 percent of its $15.1 billion in earnings \u2014 and just over a third of what it paid those top five executives. The statutory rate for federal income tax is 21 percent, so yeah, feel free to scream.<\/p>\n

Update, March 14 2024, 6:23AM ET: <\/strong>An earlier version of this report cited Match Group, which was cited in a separate report on corporate taxation.<\/p>\n","protected":false},"excerpt":{"rendered":"