https://www.nytimes.com/2021/04/02/business/economy/zero-corporate-tax.html
Nike's combined effective tax rate for 2018, 2019, and 2020 comes out to -18%!
5 replies (most recent on top)
What about the PPP that Nike received alongside all the other hurting businesses due to Covid? Didn’t stop the lay offs or did it? Not paying taxes for 3 years while employees have to pay taxes from each of their hard earned pay checks? Corruption at best by Nike - at the corporate level. It is a fortune 500 after all
Standard Reaganomics “trickle down economics” fallacy. Tax cuts were sold in as job creation. In actuality, look no further than stock re-purchase (reduces the shares outstanding) and dividend payouts. All great exec perks. Oh and layoffs, not job creation.
To be clear, I am in agreement with both @kyw and @mxs (love the sarcasm). Allow me to play the devil's advocate for a moment though by saying that is a systematic problem and until it is addressed at the federal level, companies like Nike will always take advantage. I am a big proponent of flat-rate tax on both individuals and organizations. Simple to figure out and simple to manage with complicated and convoluted tax laws. I know, I am seeking logic in an illogical world.
Surely to female and BIPOC workers.
/sarcasm in case you are brain dead
Most corporations will argue that they shouldn't be burdened with taxes because they create jobs that stimulate the economy (so nice of them!). I can't see how Nike can make this argument in good faith while they're continually laying off workers. I mean it's not even a case of paying nothing in taxes - they're basically taking extra just because they can.