Chapter
Corporate Taxes and Loopholes
17:30 - 25:03 (07:32)
The 2017 tax reduction for corporations and the leaving open of loopholes did not increase federal corporate tax revenue. Corporations like Apple moving money to other countries with lower tax rates is also a factor.
Clips
The use of tax inversions by multinational corporations to transfer money from the US to countries like Ireland, which has a lower income tax rate, cost governments around the globe between $500 and $600 billion.
17:30 - 21:16 (03:46)
Summary
The use of tax inversions by multinational corporations to transfer money from the US to countries like Ireland, which has a lower income tax rate, cost governments around the globe between $500 and $600 billion. Apple has been criticized for their use of this technique, moving $30 billion to Ireland over the course of four years while employing no one.
ChapterCorporate Taxes and Loopholes
EpisodeHow Corporate Taxes Work
PodcastStuff You Should Know
The effective tax rate of the wealthiest companies in America is lower than the tax rate of the poorest citizens, as exemplified by the $16 billion paid by Apple in 2019 compared to Amazon's $162 million for the same year.
21:16 - 25:03 (03:46)
Summary
The effective tax rate of the wealthiest companies in America is lower than the tax rate of the poorest citizens, as exemplified by the $16 billion paid by Apple in 2019 compared to Amazon's $162 million for the same year.