If you needed another reason to shout “tax the rich” from the rooftops, here it is, and it’s going to make you angry. A to learn It found that 35 large US companies paid more to their top five executives between 2018 and 2022 than they paid in federal income taxes. the watchman reports. The findings from the Institute for Policy Research and Americans for Tax Fairness are even more shocking when you learn the worst offender: Tesla.
Elon Musk’s company earned $4.4 billion over the past five years and paid $2.5 billion to its executives. However, not only did Tesla not make any payments federal taxes, but received a $1 million refund from the government. Musk is the second richest man in the world Forbes report At the beginning of March, his fortune was 207.9 billion dollars.
Tesla is one of 35 companies that pay less federal income tax paid their top five executives during this period. In total, the decent and not-so-greedy executives of these companies earned $9.5 billion over the years, while the same companies took back $1.8 billion from the government. Eighteen of these businesses reported a net profit for five years, but did not pay a single cent in federal income tax. (All but one were returned).
Lists other prominent companies such as research T-Mobile, Match Group along with Netflix, Ford Motor and Tesla. T-Mobile earned $17.9 billion, paid executives $675 million and received $80 million in refunds. The mobile provider spent an incredible amount of money lobbying Congress for tax breaksspent 9 million dollars in 2022 alone. Netflix it did indeed pay some taxes, but the $236 million was only 1.6 percent of its $15.1 billion in earnings, and a little more than a third of what it paid its top five executives. The statutory rate for federal income tax is 21 percent, so avoid screaming.
