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This point has been made above, but you think foreign corporations with no meaningful connection to the US are paying significant corporate taxes here? Spotify
by RC_ITR 6y ago
This point has been made above, but you think foreign corporations with no meaningful connection to the US are paying significant corporate taxes here?
Spotify is a great example.
>We have significant net operating loss carry-forwards in Sweden and the United States. As of December 31, 2020, we had net operating loss carry-forwards of €100 million in Luxembourg, €1,293 million in Sweden, €461 million in the United States relating to federal taxes, and €315 million in the United States relating to state taxes.
>We have initiated and are in negotiations of an APA between Sweden and the United States governments for tax years 2014 through 2020 covering various transfer pricing matters. These transfer pricing matters may be significant to our consolidated financial statements. In addition, we are subject to the continuous examination of our income tax returns by various tax authorities which could result in assessments against us.
Those two lines more or less tell me that Spotify will not pay meaningful US corporate taxes for the next decade.
Might as well lose that non-existent tax revenue if that's the 'carrot' that gets the public on board with a wealth tax.