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In case you needed another reason to shout “tax the rich” from the rooftops, it’s here, and it will piss you off. a Stady It found that 35 large US companies paid their top five CEOs more than they paid in federal income taxes between 2018 and 2022. the guardian Reports. The findings, which come from the Institute for Policy Studies and Americans for Tax Justice, are less shocking when you know the worst offenders: Tesla.
Elon Musk’s company made $4.4 billion in profits during those five years, and gave its executives $2.5 billion. Despite this, Tesla not only paid no federal taxes, but received $1 million in refunds from the government. Musk himself is the second richest person in the world, with… Forbes Reports preparation His net worth reached $207.9 billion at the beginning of March.
Tesla is one of 35 companies that paid less in federal income tax than its top five CEOs during that period. In total, the deserving and not at all greedy executives of these companies received $9.5 billion over these years, while those same companies cumulatively received $1.8 billion from the government. Eighteen of these companies reported net profits over the five years but did not pay a dime in federal income tax. (All but one received refunds.)
The study lists other notable companies like T-Mobile, Netflix, Ford Motor, and Match Group along with Tesla. T-Mobile made $17.9 billion, paid executives $675 million and received $80 million in refunds. The mobile phone provider has spent an incredible amount of money on it Lobbying Congress for tax breaks, spending $9 million in 2022 alone. Netflix did pay some taxes, but the $236 million was just 1.6% of its $15.1 billion in profits — and just over a third of what it paid those five top executives. The legal federal income tax rate is 21 percent, so, yeah, feel free to scream.
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