Tesla reported $2.3 billion in income in 2024 yet paid zero dollars in federal income taxes, utilizing accelerated depreciation and unspecified tax credits. This follows a trend of minimal tax payments in previous years, resulting in a three-year average tax rate of 0.4 percent—significantly lower than the 21 percent statutory corporate rate. The company’s tax avoidance strategies highlight loopholes within the U.S. tax system, which disproportionately benefit corporations and the wealthy. These practices have allowed Tesla, despite its immense valuation, to significantly reduce its tax burden.
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Despite President-elect Trump’s campaign promises for tax reform, his true focus remains on delivering massive tax cuts for the wealthy and corporations. The 2017 Tax Cuts and Jobs Act, his signature legislative achievement, exemplifies this, significantly reducing corporate taxes and providing substantial tax cuts for the wealthiest Americans. The upcoming expiration of these tax cuts presents an opportunity for Trump to further his agenda by extending these benefits and potentially slashing corporate taxes even lower. These policies would further exacerbate income inequality, inflate the deficit, and strengthen the influence of corporations and wealthy individuals on American politics, ultimately hindering efforts to address pressing issues facing working families.
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It’s truly disheartening to see the stark reality of who Trump truly serves laid bare at a recent fundraising gala, where he assured billionaires that he will keep their taxes low. This is a clear indication that his interests lie solely with the elite class, leaving his loyal supporters, particularly those in the MAGA cult, in the dust. The fact that he raised a whopping $50 million at this event speaks volumes about where his priorities truly lie.
It’s not surprising that Trump’s economic platform revolves around catering to the wealthy, as this has been a consistent theme within the GOP for years.… Continue reading
John Q. Hosedrinker