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Tax Avoidance

All articles tagged with #tax avoidance

Tax Breaks Let Palantir Post Zero Federal Taxes While Expanding Military Contracts
economy-and-labor1 month ago

Tax Breaks Let Palantir Post Zero Federal Taxes While Expanding Military Contracts

Truthout reports that Palantir paid no federal income tax in 2025 despite $1.6 billion in net income and receiving billions in federal funding, including a DoD Maven contract. An Institute on Taxation and Economic Policy analysis attributes this to GOP tax breaks and the 2017 Tax Cuts and Jobs Act, noting Palantir as one of at least 88 profitable companies that paid zero or received refunds. The piece links Palantir’s government work with increased surveillance powers and highlights broader corporate tax avoidance amid massive federal outlays to defense contractors and tech firms.

via Truthout|
#corporate-tax#defense-contracts#economy-and-labor
Democrats scrutinize pharma's tax strategies amid Senate debate on Trump's plan
politics11 months ago

Democrats scrutinize pharma's tax strategies amid Senate debate on Trump's plan

Democratic lawmakers Elizabeth Warren and Jan Schakowsky have criticized major pharmaceutical companies like Pfizer, Merck, J&J, AbbVie, and Amgen for paying little to no federal taxes by shifting profits offshore, and are questioning their support for extending tax cuts in the GOP reconciliation bill. They highlight the practice enabled by the 2017 Tax Cuts and Jobs Act, which they argue benefits wealthy corporations at the expense of American taxpayers, and are seeking responses from these companies about their lobbying efforts and tax liabilities. The issue is part of broader legislative debates over tax reform and pharmaceutical pricing.

via CNBC|
#democratic-lawmakers#legislation#offshore-profits
"Corporate Tax Secrets: Tesla's Zero Federal Taxes and Executive Pay Disparities"
business2 years ago

"Corporate Tax Secrets: Tesla's Zero Federal Taxes and Executive Pay Disparities"

A report by Americans for Tax Fairness reveals that Tesla paid $0 in federal income taxes over a five-year period despite earning profits, and even received a $1 million tax refund. The report suggests that Tesla is using accounting schemes and shifting American profits to offshore tax havens to avoid taxes, while also highlighting the company's willingness to receive government subsidies and grants. Despite CEO Elon Musk's public statements about paying taxes, the report raises concerns about the company's tax avoidance practices.

via Gizmodo|
#business#elon-musk#profit
"Uncovering Big Pharma's Tax Evasion Tactics"
business2 years ago

"Uncovering Big Pharma's Tax Evasion Tactics"

Major US pharmaceutical companies are using legal loopholes to shift their profits from US sales to low-tax jurisdictions, allowing them to avoid paying billions in US taxes. Despite Americans paying the highest prices for medicines, these companies report minimal profits in the US while earning significant profits abroad. The offshore profit shifting is enabled by the US corporate tax code, which incentivizes the relocation of intellectual property and manufacturing to low-tax countries. The 2017 Trump corporate tax reform further exacerbated the problem. To address this issue, common-sense reforms such as implementing a minimum tax on overseas profits and limiting tax credits for research on drugs developed outside the US could help recapture tax revenues, promote domestic investment, and foster innovation in the US pharmaceutical industry.

via Business Insider|
#big-pharma#business#profit-shifting