Friday, April 15, 2022

CNBC explains 'How Companies Like Amazon, Nike and FedEx Avoid Taxes' for Tax Day on Flashback Friday

"Happy" Tax Day, at least for my readers in the U.S.!* I'm observing the day by sharing CNBC's How Companies Like Amazon, Nike and FedEx Avoid Taxes.

At least 55 of the largest corporations in America paid no federal corporate income taxes on their 2020 profits, according to the Institute on Taxation and Economic Policy. Some of these companies include big names FedEx, Nike, HP and Salesforce, and it's costing the U.S. government billions of dollars. Those 55 corporations would have paid a collective total of $8.5 billion. Instead, they received $3.5 billion in tax rebates, collectively draining $12 billion from the U.S. government. These estimates don't include corporations that paid only some but not all of these taxes, like Netflix and Amazon.

Watch the video above to learn about how the most profitable companies in the country maneuver the complicated tax system to avoid federal corporate income taxes, different forms of tax expenditures and what policy solutions may bridge the gap.
Watching this just reinforced my opinion that the 2017 tax bill was a bad idea and reminded me that John Oliver covered this four years ago. Some things haven't changed and those that have might have changed for the worse. Sigh.

Follow over the jump for a brief retrospective about top posts from the eleventh year of Crazy Eddie's Motie News covering economic issues.

I shared Trevor Noah and 'The Daily Show' explain why gas prices are so high from November 20, 2021 at the Coffee Party USA Facebook page, which was helped it earn ~1,320 default and 1,624 raw page views, which tied it with Meyers and Colbert take closer looks at Marjorie Taylor Greene's permanent Twitter suspension and CNN's New Year's Eve party for fifteenth place according to default page views and eighteenth overall and sixteenth among entries actually posted during the blogging year according to raw page views. It placed sixth according to default page views with 609 views, fifth overall and fourth among entries posted during November 2021 according to raw page views with 728, so its page views have more than doubled since the end of November.

I have one more post about "The Daily Show" to cover, Trevor Noah, CBS News, and PBS NewsHour explain 'The Great Resignation'.
Now for the other "Daily Show" post to pass 1,000 raw page views during the March 21, 2021 to March 20, 2022 blogging year.

I shared Trevor Noah, CBS News, and PBS NewsHour explain 'The Great Resignation' from October 17, 2021 at the Coffee Party USA Facebook page then Infidel753 shared the link at his blog. The chart above shows the spikes in readers from both. Both helped the entry earn 902 default and 993 raw page views during October 2021, ranking it sixth during the month according to both measures. It ended calendar year 2021 with ~1,010 default and 1,157 raw page views, ranking it eighteenth for default page views, twenty-second among entries posted during the calendar year and twenty-fourth overall. It earned very few page views during the first three months of 2022, ending the 2021-2022 blogging year with 988 default page views, falling prey to Blogger's propensity to deduct page views over time, and 1,164 raw page views. It fell out of the annual default top twenty on March 6, 2022 when 'SNL' lampoons Fox News in its Ukraine cold open climbed past it on its way to number two all time. The post still ranked twenty-sixth among entries posted during the blogging year and thirtieth overall according to raw page views.  It also earned 5 comments during October 2021, the most on an entry during the month I posted it this blogging year, and the second most comments on an entry posted during the 2021-2022 blogging year and sixth overall thanks to Infidel753 defending me from an abusive troll. Thank you, Infidel!

Business Insider examines the rise, fall, and return of Twinkies was one of two posts from July 2021 and the 2021-2022 blogging year saved by other Pinterest users during July 2021.

That's it for today's retrospective. Stay tuned for another topical post tomorrow and Easter on Sunday.

Previous posts in this series Previous retrospectives about taxes and economics Previous retrospectives about comments and likes. Previous retrospectives about Pinterest

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