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Tesla Reported Zero Federal Income Tax on $2B of U.S. Income in 2024
- acd10j 2y agoThis is a poorly written article. They can't even get basic figures right. See Unspecified “U.S. tax credits” were good for $300 billion of tax savings. It should have been $300 million. Seems to be a psyops by an incompetent writer against Elon.
- bamboozled 2y agoYup, but if I don't pay mine...
- mtillman 2y agoTesla seems to be a pretty big social welfare beneficiary.
- StefanBatory 2y agoSocialism for the big, capitalism for the rest.
- GolfPopper 2y agoI think capitalism or socialism are neither problem nor solution; they're just tools, frameworks. The problem is greed and our willingness to accept it.
- hshshshshsh 2y agoIsn't capitalism based on the idea that everyone is greedy and we should exploit that for betterment of everyone. And socialism based on the idea that everyone is greedy and we should prevent that for betterment of everyone.
- readthenotes1 2y agoFor capitalism to work, you have to limit greed. For socialism and communism to work, you have to limit greed, envy, and sloth.
- StefanBatory 2y agoI know, but that's just the standard idiom, isn't it?
- ASalazarMX 2y agoI prefer "privatize the wins, socialize the loses."
- deleted 2y ago[deleted]
- jared_mccluskey 2y agoDeprecation, loss, etc. Standard for every company. Is this supposed to be an own or something?
- Frieren 2y ago> Standard for every company. That Apple, Google, Amazon, etc do not pay their taxes either makes it worse not better. The rich have accumulated a lot of money, that is killing the economic system. Redistribution of that wealth is needed for the system to continue working, and taxation is part of the solution.
- jared_mccluskey 2y agoAll you told me is that you don’t understand how depreciation and loss works. If you lose money, why should that be taxed?
- oliwarner 2y agoThey aren't losing money, they're spending it [on themselves]. The problems in taxation come when a company's spending isn't benefitting the area/country or its employees' taxable income. Buying offshore yachts to rent back, sinking money into highly-depreciative assets (eg company cars) that might not be taxed as employee benefits. There's a lot to unpack but the bigger you are, the easier it is to hide a few billion dollars from the national taxation service by hauling it off to another area.
- tzs 2y agoApple paid income taxes of $10 billion in 2019, $10 billion in 2020, $15 billion in 2021, $19 billion in 2022, $17 billion in 2023, and $30 billion in 2024. Google paid $18 billion in 2024, and Amazon paid $10 billion.
- pylua 2y agoTax breaks for executive options ?!
- JumpCrisscross 2y ago> breaks for executive options Difficult to tie this to executives versus shareholders. Options are taxed.
- subulaz 2y agonot too difficult actually, US corps are required to disclose specifics on employee option compensation for tax purposes: https://www.thetaxadviser.com/issues/2023/dec/executive-compensation-and-changes-to-sec-162m.html https://www.thetaxadviser.com/issues/2023/dec/executive-comp... FINRA 2360 provides disclosure and tax requirements to any organization which issues options, provides grant exercises, or simply issues stock as compensation: https://www.finra.org/rules-guidance/rulebooks/finra-rules/2360 https://www.finra.org/rules-guidance/rulebooks/finra-rules/2... Side note: the regs are partly why you can see detailed information about types and amounts of stock and option activity by different investor classes in tools like https://www.barchart.com/investing-ideas/insider-trading-activity https://www.barchart.com/investing-ideas/insider-trading-act...
- JumpCrisscross 2y ago> FINRA 2360 provides disclosure and tax requirements to any organization Nitpick: FINRA rules only apply to FINRA members. For the general versions, you want the SEC rule. (FINRA copies a lot of SEC rules so they can enforce them without the restrictions of a government.)
- waltercool 2y ago[dead]
- h1fra 2y agoSo I pay more taxes than one of the highest-valued companies in the world? sure the system works well
- arcticbull 2y agoCorporate tax is quite misunderstood in my opinion. Tesla makes revenue, and they have costs. Their revenues are offset by their costs. Any profit Tesla makes is eventually taxed -- either when Tesla shareholders sell appreciated stock, when the company makes distributions or when they liquidate. Corporate tax only applies to un-distributed profits carried forward from year to year instead of invested into the business or distributed to shareholders.
- aqme28 2y agoYes, but that’s not the whole picture. If the value of the company goes up, shareholders capture value as capital gains which has a very low tax rate.
- arcticbull 2y agoLow... ish... depending on where you are. Short term gains are taxed as ordinary income, long-term gains are taxed up to 20% (already the corporate rate) and states like California treat it as ordinary income exposing you to another up to 13.3%
- aqme28 2y agoIt's still never higher than income tax, which is what the parent comment was comparing to.
- notTooFarGone 2y agoOh yea share buybacks are very nice costs for a lot of companies. Then you can also take loans based off of that to make sure you never have to pay taxes again.
- easytiger 2y ago[flagged]
- pavlov 2y agoThese titles don't exactly sound communist to me... It's a long way from "Flat Tax Maybe Not Good" to "Proletariat, Seize the Means of Production Now!" By your logic, Eisenhower's America was communist because income tax was much more progressive than today.
- easytiger 2y ago> These titles don't exactly sound communist to me... Then we have a very different understanding. And yes the post war heist that destroyed long term economic common sense all over the western world turned into a permanent ongoing shakedown
- Terr_ 2y ago> It's a long way from "Flat Tax Maybe Not Good" to "Proletariat, Seize the Means of Production Now!" And if, just for the sake of argument, we suppose those were equivalent... Then the huge popular support for (1) means those who decry (2) are actually a weirdly out-of-touch political minority with delusions of being far bigger than they are.
- westmeal 2y agoI'm sure citizens United was purely well intentioned.
- deleted 2y ago[deleted]