Business Taxation News

"Major US Companies: Executive Pay Exceeds Federal Taxes"

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.