Tesla will not pay any federal taxes, although it recorded its most profitable year in history. In addition, she may not have to pay federal taxes for some time to come.
This is clear from the financial documents submitted to the Securities and Exchange Commission, which reveal that the company’s federal tax account is zero. This does not mean that the company will not pay any taxes. Its foreign account is $ 839 million, while the US tax is below 1% of that amount – just $ 9 million.
For those wondering, I will pay over $11 billion in taxes this year
— Elon Musk (@elonmusk) December 20, 2021
And while Elon Musk has released another tweet that he will pay more than $ 11 billion this year, potentially the most significant individual payment to the Internal Revenue Service, he may not pay anything to the authorities for the next few years, just like his company .
So how will Tesla not pay any taxes?
Although net income is $ 5.5 billion and adjusted revenue is $ 7.6 billion, Tesla said its home business has actually generated a loss of $ 130 million in 2021 (before tax). Tesla claims that more than $ 6 billion of its pre-tax profits come from abroad, although 45% of its revenue comes from sales in the United States.
Read more about the loopholes in the law at the new car site CarMarket.bg
