NEW: Last year, Zoom saw its profits increase by more than 4,000%. The company's federal income taxes? $0.
How? The platform appears to be using the same recipe as well-known corporate tax avoiders Amazon and Netflix. @gardmaf explains.
ITEP
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ITEP
@iteptweets
Informing the debate on tax policy nationwide with research and data-driven solutions.
Joined June 2010
- True: Amazon’s effective corporate tax rate over the three-year period 2017-2019 was 0%. In 2019, the company paid $162M or 1.2%, a far cry from 21% statutory rate. Its release at the time focused mostly on taxes it did *not* pay and taxes it collected on behalf of *others.*.@SenSanders Not true. Last year we paid $5B in taxes, while providing paid sick-leave & comprehensive benefits for all full-time workers starting on their 1st day. All Amazon employees make at least $15/hr – 2x the fed min wage, & we created 175k+ new jobs since pandemic began.
- NEW: Tesla, the most valuable automaker in the world, did not pay any federal income tax last year. The company reported $0 in federal income tax on $2 billion of U.S. income in 2024. Tesla avoided almost all federal income tax over the past three years.
- The new millionaire's tax in Massachusetts is already surpassing expectations. The state now estimates the tax will generate over $1.5 billion this fiscal year. That money will help fund free meals in public schools, transportation projects, and more.
- NEW: Former President Donald Trump's proposed tax policy changes would, on average, lead to a tax cut for the richest 5% of Americans and a tax increase for all other income groups. The middle 20% of Americans would see an average tax increase of $1,530. itep.org/a-distribution…
- Sen. Whitehouse concluded his opening remarks by making this clear: "If you care about debt and deficits, you should want a well-funded, well-functioning IRS."The ultra-wealthy and large corporations cannot be allowed to continue evading taxes. LIVE: @SenateBudget examines how recent IRS funding has enabled the agency to crack down on #WealthyTaxCheats, decreasing the deficit and making our system fairer. x.com/i/broadcasts/1…
- It’s audacious to publicize an agenda to weaken SS and Medicare and increase taxes on half of Americans and then blame the opposing party for the harm your plan will do ordinary people. Our analysis of the tax provisions:"It's in the plan! It's in the plan. But Senator, hang on, it's not a Democratic talking point. It's in the plan" -- even Fox News's John Roberts can't believe it when Rick Scott lies about his own policy plan, which calls for a tax increase on a majority of Americans
00:00 - Corporate income taxes now cover just 10% of federal revenue, down from more than 30% in the 1950s. Nearly 2/3 of tax cuts passed since 2000 went to the wealthiest 20%. @amyhanauer lays out a better path forward here.
- Counting on the benevolence of billionaires is no substitute for good tax policy. Billionaire benevolence will not ensure paid sick leave, broaden access to child care, make education or jobs training more accessible, mitigate climate change, strengthen our infrastructure, etc.
- Massachusetts has budgeted over $1 billion for FY2025 using funds from its millionaires tax. Some major investments include: - $175 million for childcare grants - $170 million for free school meals - $93.5 million for free community college massbudget.org/2024/07/29/fy2… @MassBudget
- Replying to @iteptweetsFortune 500 Companies Avoided $73.9 Billion in Tax Under First Year of Trump Tax Law
- Congress achieved a remarkable feat by cutting child poverty by half in 2021 with the Child Tax Credit expansion. There is no reason that this proven and effective policy should become a thing of the past.Census announces SPM child poverty rate of 12.4% in 2022. Context: from 1967 to 2021, the largest year-over-year increase in SPM child poverty rate was 10.7% (or 2.1 pp, 1980-1981). We now easily have a record increase in child poverty: a 139% increase (or 7.2 pp) from 2021-2022.
- "Low-tax" states usually have low taxes for just the rich "Florida, Tennessee and Texas, which are often deemed as low-tax states because of the absence of personal income taxes, can paradoxically prove more expensive for low- to middle-class families." finance.yahoo.com/news/low-earne…
- A ticket on Jeff Bezos’s space flight went for $29.7 million. It would take someone making the current minimum wage nearly 2,000 years to gross that amount. It would take a billionaire like Mark Zuckerberg less than two days. #TaxTheRichTax the Rich Tax the Super-Rich Tax the Ultra-Rich But MOST of all, Tax the Going-To-Space-Is-My-Quirky-Hobby Rich
