Despite earning $1.6 billion in net income and securing a $10 billion military contract, Palantir Technologies paid $0 in federal income taxes last year. This tax avoidance is attributed to current corporate tax policies, exacerbated by recent tax legislation, which allowed at least 88 other major profitable U.S. companies to also pay no federal income taxes. Palantir’s situation highlights how profitable corporations can leverage tax loopholes, rather than contributing to public funds, even when receiving substantial government contracts for projects like mass surveillance networks.
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A new analysis reveals that 88 of the largest U.S. corporations paid no federal corporate income taxes in 2025, despite earning over $105 billion in pretax income. This trend, exacerbated by recent tax cuts, means these profitable companies would have otherwise contributed approximately $22.1 billion to federal income taxes. The report highlights systemic issues within the corporate tax code, with provisions like accelerated depreciation and various tax credits enabling significant avoidance across diverse industries. While the full extent of corporate tax avoidance remains partially obscured due to non-public tax returns, these findings underscore a substantial reduction in tax contributions from major American businesses.
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It’s a question many of us ponder, especially when looking at our own paychecks and the taxes deducted: You’re paying taxes – why aren’t billionaires? It feels like a fundamental unfairness, a crack in the system that allows some of the wealthiest individuals in the world to seemingly sidestep the same obligations that affect the vast majority of us.
The reasons behind this phenomenon are complex, but a central theme that emerges is that the system itself is designed, or at least heavily influenced, by those with immense wealth. It’s as if the rules of the game have been shaped by the players who stand to benefit most, creating a landscape where loopholes and complex financial strategies become the norm, not the exception, for those at the very top.… Continue reading
The article details a historical trend of declining tax burdens for the wealthiest Americans, particularly the top 1 percent and even more so for billionaires. This decline is attributed to decades of Republican tax cuts and policy changes, as well as the ability of the ultra-rich to avoid taxes by leveraging unrealized gains on their assets. Public sentiment strongly favors increased taxation on billionaires, with various proposals like taxing unrealized gains or implementing a direct wealth tax gaining traction. However, these proposals face significant political and financial opposition from the billionaire class itself, alongside concerns from some elected officials about economic competitiveness.
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Congressman Dan Goldman (NY-10) has introduced the ROBINHOOD Act, a bill targeting the ultra-wealthy’s use of borrowing schemes to avoid paying taxes on capital gains. The legislation proposes a 20% excise tax on loans and lines of credit secured by capital assets for high-income earners. This initiative aims to generate at least $276 billion over ten years by making the wealthiest individuals contribute their fair share, with potential revenues earmarked for investments in universal pre-K and childcare programs. The act seeks to address the current tax code’s shortcomings, where the ultra-wealthy are able to avoid taxes while accessing massive sums of money.
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In 2024, Tesla reported $2.3 billion in U.S. income but paid zero federal income tax, a trend reflecting a three-year total of $10.8 billion in U.S. income taxed at only 0.4%. This remarkably low tax rate resulted from utilizing various tax strategies, including accelerated depreciation, stock option tax breaks, and unspecified U.S. tax credits. Furthermore, the company leveraged net operating losses to offset income, and potential future tax savings are looming with proposed legislation that could provide additional substantial benefits.
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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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John Q. Hosedrinker 
Matt Underwood