taxes on companies only mean that you will pay more for their products.
Wrong.
This is the best summary I could come up with:
Senior executives at 35 different firms – from Tesla to T-Mobile US – received compensation worth more than the net tax payments of their respective employers between 2018 and 2022, the research found.
The advocacy groups called on Congress to increase the corporate tax rate, claiming that raising it from 21% to 28% would generate $1.3tn in revenue over a decade.
Between 2018 and 2022, Tesla’s executive pay bill stood at $2.5bn, although this was largely due to a vast 2018 compensation arrangement for Musk that was struck down by a Delaware judge in January.
Its net federal income tax balance over this period was -$1m – primarily because it carried forward excess losses from previous years, the report claimed.
T-Mobile utilized a tax deduction for costs incurred buying spectrum licenses, according to ATF and IPS, and wrote off a $350m settlement over a cyber-attack which compromised the data of an estimated 76.6 million people, as part of a “variety of tactics” to reduce its bill.
The report “shows how executives of big corporations are rewarded for aggressive tax avoidance”, added its co-author Sarah Anderson, global economy director at IPS, “while working families and small businesses are left to pick up the tab”.
The original article contains 688 words, the summary contains 203 words. Saved 70%. I’m a bot and I’m open source!
