All articles tagged with #federal taxes
SpaceX has paid little to no federal income tax since its founding, despite earning over $22 billion from government contracts, by utilizing a legal tax benefit called net operating loss carryforward, which allows it to offset profits with past losses, resulting in an estimated $3.25 billion in avoided taxes for 2023.
A recent investigation reveals that SpaceX has potentially avoided paying billions in federal income taxes over two decades by exploiting tax loss carryforwards, despite its heavy reliance on government contracts and funding, raising concerns about its contribution to public coffers.
California Governor Gavin Newsom threatened to withhold state taxes in response to potential federal funding cuts by the Trump administration, prompting warnings from US Treasury Secretary Scott Bessent that such actions could constitute criminal tax evasion. The dispute stems from reports that federal funds for California could be reduced, including for universities, amid political tensions. California officials have vowed to defend their state's interests, considering legal options to counteract what they see as unconstitutional and vindictive actions by the federal government.
President Biden and first lady Jill Biden paid $146,629 in federal income taxes in 2023, with an effective federal tax rate of 23.7%, after reporting income of $619,976. This marks the 26th year that Biden has released federal tax returns. The Bidens' joint income in 2023 was slightly more than in 2022, with Jill Biden earning $85,985 from teaching and reporting $4,115 in royalties from prior book publications. They also made charitable contributions totaling $20,477 to 17 charities, including $5,000 to the Beau Biden Foundation. Meanwhile, Vice President Kamala Harris and second gentleman Doug Emhoff reported paying $88,570 in federal income tax in 2023, with an effective federal tax rate of 19.7%, after earning income of $450,299. Former President Donald Trump has not released his latest federal tax returns.