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.

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Source:

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