Following what goes on with oil and gas exploitation in and around Adrian, Michigan since 2013 - and how these events in our little city connect to the global environmental situation... - with the occasional sidetrack to other related environmental issues in Lenawee county, Michigan and how those relate to global issues.
If you understood anything about U.S. corporate tax law you would not find this as an issue. This article and whoever posted it here are trying to make tax law fit their ruleset and because it doesn't, they take a negative view. If you're going to have an opinion on this, at least understand the topic and not show your ignorance.
I decided to allow this comment for transparency reasons although calling somebody ignorant violates common blogging rules. I would appreciate if you could enlighten our audience as to why it should be acceptable for corporations to move profits outside of the country they are part of and whose legal systems protect them when they do not give back to the community and deprive governments of the funding for crucial public services?
More Than 50 Major U.S. Corporations—Including Nike And FedEx—Paid No Federal Taxes Last Year https://www.forbes.com/sites/tommybeer/2021/04/02/more-than-50-major-us-corporations-including-nike-and-fedex-paid-no-federal-taxes-last-year/?sh=7d8b0a6c21d3 KEY FACTS Analysts determined that the 55 companies, all part of the S&P 500 or Fortune 500, would have paid a combined total of $8.5 billion last year if they had paid at a 21% rate (the statutory federal corporate tax rate) on their profits.
Not only did they avoid paying any taxes on their profits, but these companies also received $3.5 billion in tax rebates, according to ITEP, a left-leaning, non-profit research group that analyzed each firm’s annual financial reports.
PROMOTED
Tax breaks for executive stock options, a provision allowing companies to write off capital investments, federal research and experimentation credits, and tax breaks for renewable energy were some of the legal deductions and exemptions utilized by these businesses to reduce their tax bill dramatically.
26 of the 55 companies, including Nike, which reported more than $2.8 billion of pretax income last year, and FedEx, which generated $1.2 billion, avoided paying any federal income tax in each of the past three years, according to the report.
In an emailed statement to Forbes, a FedEx spokesperson said, “The CARES Act, which was enacted in March 2020, helped companies like FedEx navigate a rapidly changing economy and marketplace while continuing to invest in capital, hire team members, and fund employee pension plans.”
If you understood anything about U.S. corporate tax law you would not find this as an issue. This article and whoever posted it here are trying to make tax law fit their ruleset and because it doesn't, they take a negative view. If you're going to have an opinion on this, at least understand the topic and not show your ignorance.
ReplyDeleteMr or Mrs Unknown,
ReplyDeleteI decided to allow this comment for transparency reasons although calling somebody ignorant violates common blogging rules. I would appreciate if you could enlighten our audience as to why it should be acceptable for corporations to move profits outside of the country they are part of and whose legal systems protect them when they do not give back to the community and deprive governments of the funding for crucial public services?
More Than 50 Major U.S. Corporations—Including Nike And FedEx—Paid No Federal Taxes Last Year https://www.forbes.com/sites/tommybeer/2021/04/02/more-than-50-major-us-corporations-including-nike-and-fedex-paid-no-federal-taxes-last-year/?sh=7d8b0a6c21d3 KEY FACTS
ReplyDeleteAnalysts determined that the 55 companies, all part of the S&P 500 or Fortune 500, would have paid a combined total of $8.5 billion last year if they had paid at a 21% rate (the statutory federal corporate tax rate) on their profits.
Not only did they avoid paying any taxes on their profits, but these companies also received $3.5 billion in tax rebates, according to ITEP, a left-leaning, non-profit research group that analyzed each firm’s annual financial reports.
PROMOTED
Tax breaks for executive stock options, a provision allowing companies to write off capital investments, federal research and experimentation credits, and tax breaks for renewable energy were some of the legal deductions and exemptions utilized by these businesses to reduce their tax bill dramatically.
26 of the 55 companies, including Nike, which reported more than $2.8 billion of pretax income last year, and FedEx, which generated $1.2 billion, avoided paying any federal income tax in each of the past three years, according to the report.
In an emailed statement to Forbes, a FedEx spokesperson said, “The CARES Act, which was enacted in March 2020, helped companies like FedEx navigate a rapidly changing economy and marketplace while continuing to invest in capital, hire team members, and fund employee pension plans.”
It's about time these big companies started paying their fair share of income taxes.
ReplyDelete