Tesla Paid Zero Federal Income Tax in 2024 While GOP Pushes More Corporate Tax Cuts

[C0RI0LANUS]

Tesla paid zero federal income tax in 2024 despite reporting $2.3 billion in US income, using legal loopholes to eliminate its tax liability.

• Over the past three years, Tesla has reported $10.8 billion in US income but paid only $48 million in federal taxes, bringing its effective tax rate to 0.4% —far below the 21% corporate tax rate.

• The company avoided taxes through accelerated depreciation ($500 million in savings), executive stock option deductions ($250 million), and unspecified US tax credits ($300 million).

• Tesla benefited from Trump’s 2017 Tax Cuts and Jobs Act, which cut the corporate tax rate from 35% to 21% and expanded deductions that help corporations reduce taxable income.

• Republicans are now pushing to cut the corporate tax rate further to 15%, which would allow massive companies like Tesla to pay even less while potentially raising taxes on lower-income Americans.

-Edit-






Source:

https://www.nationofchange.org/2025/01/31/tesla-paid-zero-federal-income-tax-in-2024-while-gop-pushes-more-corporate-tax-cuts/

[Lonestarblue]

1. I just posted this link on Facebook with comments about the programs that would be cut to help pay for the tax loss.

I referenced the list that Republicans have already made up for cuts, including Social Security, Medicare, Medicaid, and food assistance, plus the individual cap of lifetime Medicaid assistance that will mean no care for elderly parents in nursing homes or getting kicked out of nursing homes when they hit the cap. I urged readers to call their representatives in Congress and protest and mentioned that representatives who bowed to Trump and Musk were not representing the people who elected them.

I’m not on any other social media, but maybe every little bit will help people wake up to the fact that they are losing rights to money they have paid into SS and the tax system.

[C0RI0LANUS]

2. Hi Lonestarblue. Thank you for spreading the word. I will be posting this on other platforms later today.

I guess there are no Trumpf voters whose parents need Medicare, retirement home assistance, meals on wheels, discounted medications. Good for them.

[dalton99a]

3. Kick