All articles tagged with #business taxation
Many large U.S. pharmaceutical companies, including Pfizer, are paying taxes well below the 21% corporate tax rate, with some even reporting losses despite significant domestic sales. This is achieved through complex tax strategies involving offshore subsidiaries and intellectual property licensing. Despite efforts to change this, it is unlikely to see significant change in the near future.
A study found that 35 major US companies, including Tesla, paid their top five executives more than they paid in federal income taxes between 2018 and 2022. Tesla, which earned $4.4 billion and paid its executives $2.5 billion, not only didn't pay any federal taxes but received $1 million in refunds. The study also revealed that 18 of these companies reported net profits over the five years but didn't pay a cent of federal income tax, with some receiving refunds. Notable companies like T-Mobile, Netflix, Ford Motor, and Match Group were also listed in the study, sparking outrage over corporate greed and the need for tax reform.
A report by Americans for Tax Fairness and the Institute for Policy Studies reveals that senior executives at 35 major US companies received more in compensation than their companies paid in federal taxes between 2018 and 2022, with a collective net federal income tax bill of negative $1.72bn. Advocacy groups are calling for an increase in the corporate tax rate, citing the need for big businesses to pay their fair share. President Joe Biden has also emphasized the importance of ending tax breaks for big corporations and executives, while the report highlights how aggressive tax avoidance and excessive executive pay negatively impact working families and small businesses.
Jeff Bezos and his fiancee could save $600m in taxes by moving to Florida, where there is no income or capital gains tax, compared to Washington's 7% capital gains tax. The move comes as Bezos plans to sell $8.7bn worth of Amazon stock by 2025. The couple has already spent $147m on two mansions in Miami's Indian Creek and is expected to build a new home. The move also coincides with Amazon's search for office space in nearby Brickell.
Jeff Bezos is set to save over $600 million in taxes by making Miami his primary residence, allowing him to avoid state income and capital gains taxes. His move from Seattle to Miami comes with significant tax advantages, with the potential to save him $140 million in capital gains taxes on a recent stock sale and an estimated $610 million by 2025. The move to Florida also exempts him from estate taxes, potentially saving him billions in the long run. Bezos has made high-profile real estate purchases in Miami, including a $79 million mansion and a $68 million property, and is expected to build a megamansion on the exclusive island Indian Creek.