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Too Big to Pay

This is a syndicated repost courtesy of Slope of Hope. To view original, click here. Reposted with permission.

As you are paying your property taxes, sales taxes, federal income taxes, state income taxes, utility taxes, gas taxes, and God-knows-what-else taxes, here’s a fun thing to keep in mind: plenty of gargantuan corporations not only pay zero taxes, but they actually get REBATES from the government. This is the miracle of corporate lobbying in D.C., folks! Here’s a taste:

Food conglomerate Archer Daniels Midland enjoyed $438 million of U.S. pretax income last year and received a federal tax rebate of $164 million.

The delivery giant FedEx zeroed out its federal income tax on $1.2 billion of U.S. pretax income in 2020 and received a rebate of $230 million.

The shoe manufacturer Nike didn’t pay a dime of federal income tax on almost $2.9 billion of U.S. pretax income last year, instead enjoying a $109 million tax rebate.

The cable TV provider Dish Network paid no federal income taxes on $2.5 billion of U.S. income in 2020.

The software company Salesforce avoided all federal income taxes on $2.6 billion of U.S. income.

Or a different way to look at it…………….

Keep all this in mind when these businesses are squealing at the prospect of higher taxes, which I suppose will just mean their negative tax rates will be slightly less negative.

Wall Street Examiner Disclosure: Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. No endorsement of such content is either expressed or implied by posting the content. All items published here are matters of information and opinion, and are neither intended as, nor should you construe it as, individual investment advice. Do your own due diligence when considering the offerings of information providers, or considering any investment.

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