Tech
How Americans Avoid Taxes
Taxes. Individuals and corporations must pay them but it’s always a game of trying to pay the least amount.
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 like FedEx, Nike, HP and Salesforce. 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.
The more money you make, the more you have to pay in taxes, right? Not always. The ultra-wealthy typically take advantage of rules in the tax code which enable them to lower their effective tax rate. Warren Buffet has often pointed out that he pays less taxes than his secretary and Amazon famously paid zero taxes in 2018. So how exactly are the country’s biggest earners using the tax code to avoid paying taxes?
And on a state level, to balance their budgets during the coronavirus pandemic, states including New Jersey and New York have raised taxes on the wealthy. Conservatives warn that it will cause many of those who left in the early days of the pandemic to make those moves permanent since they’re no longer bound to the physical locations of their offices as many businesses adopt remote or hybrid work. But available data from 2020 show that the so-called exodus wasn’t as pronounced as initially projected, and the urban exit that did happen, was to suburbs rather than low tax states.
CNBC explores how the most profitable companies in the country maneuver the complicated tax system to avoid federal corporate income taxes, how wealth individuals use the tax code to lower their taxes and if tax flight is a myth.
SEGMENTS:
00:00 How Companies Like Amazon, Nike and FedEx Avoid Taxes (April 2022)
11:23 How The Rich Avoid Paying Taxes (May 2021)
22:31 Are Rich People Fleeing Places With High Taxes? (April 2021)
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How Americans Avoid Taxes
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Chinese companies are using prefabricated construction to build data centers faster and more efficiently. As America’s AI-driven data center boom accelerates, China’s BrightRay hopes to win U.S. business with its modular approach. But growing U.S.-China tensions, national-security concerns and restrictions on some Chinese-made products could limit that opportunity. CNBC’s China Bureau Chief Eunice Yoon reports.
Chapters:
0:00 Introduction
1:39 Chapter 1 – Prefabricated data centers
4:48 Chapter 2 – China’s focus on the U.S. market
8:20 Chapter 3 – Public vs. government reactions
Reporting by: Eunice Yoon
Produced by: Natalie Rice
Editing by: Darren Geeter
Animation: Jason Reginato
Senior Managing Producer: Tala Hadavi
Additional Footage: Getty Images, BRIGHTRAY
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Inside China’s Race To Build The World’s Data Centers
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With thousands of YouTube creators relying on the platform for income, many are turning to strategists as essential advisors on how to keep videos viral.
Meet the YouTube whisperers, a booming class of advisors behind MrBeast and other million-dollar channels.
Find the full report in related video.
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Two years after Elon Musk made Greater Memphis the center of his artificial intelligence ambitions, building data centers and energy infrastructure at breakneck speed, residents are grappling with unwanted effects, including noise and emissions from the natural gas-burning turbines.
Now, public opposition to the SpaceXAI sites, known as Colossus and Colossus II, is providing a blueprint for other communities across the country opposed to AI developments.
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Watch an unboxing of the TCL Roku TV. The panel is an edge-lit LED, 1080p, 120Hz refresh rate. The TV has 3 HDMI ports, component hookups, dual-band Wi-Fi, and Dolby audio processing.
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TCL Roku TV Unboxing | CNBC
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Red Hat reported recently and the market didn’t care for its earnings. Jim Cramer spoke with the CEO to find out if that, plus the Brexit sell-off could be creating an opportunity
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