Happy tax day moon gang, if you're like me, you just paid your taxes and now you're thinking doesn't feel like quite a bit of a equal trade here. It doesn't quite feel like the old two-way street or maybe you're a bit more angry and you're thinking straight up where the is my money. Well, fear, not i'm here, to make you feel a bit worse, a bit more sad and most likely a bit more angry, because we're going to talk about the 55 corporations that are profitable. They are profitable that paid zero zilch goose egg in federal income tax.

You better buckle up, because this is going to be an absolutely crazy hair, pulling insane ride just for a bit of housekeeping if you want the resources i'm using to create this video, it's in the description below but anyway, according to the itep, the institute on taxation And economic policy, at least 55 of the largest corporations in america paid no federal corporate income tax in their most recent fiscal year, despite enjoying substantial pre-tax profits in the united states. Two things to say about this: this is for the year of 2020, that fiscal year and in a couple months we'll get the most recent filings for 2021 and i also went ahead and for you tallied this all up and it comes to about 40 billion dollars. That's billion with a b in profits that they paid nothing in federal income tax. This continues a decades-long trend of corporate tax avoidance by the biggest u.s corporations, and it appears to be the product of long-standing tax breaks, preserved or expanded by the 2017 tax cuts and jobs act as well as the cares act, tax enacted in the spring of 2020.

So really, what does that mean if you're a normal pleb like me, you're not going to get these special bricks, but if you're a multi-billion dollar profitable company, the government might be able to help you out the tax. Avoiding companies represent various industries and collectively enjoyed almost 40.5 billion in u.s pre-tax income in 2020. According to their annual financial reports, the statutory federal tax rate for corporate profits is 21. Now this is where it gets really interesting.

The 45 corporations would have paid a collective total of 8.5 billion for the year had they paid the rate on their 2020 income. Now i'm telling you this is a warning, a trigger warning. You better stop listening. Unless you actually want to get really pissed off, they should have paid 8.5 billion.

Instead, they received 3.5 billion in tax rebates. Can you conceptualize how insane that is? They should have paid 8.5 billion, but they got 3.5 billion in tax rebates. Instead, this is craziness. This is idiocracy, so in total between tax avoidance and tax rebates.

That means the total tax breaks was just over 12 billion dollars. 12 billion. Now, of course, we're getting it into the whole list of 55, but i just wanted to quickly highlight some of my favorites. The cable tv provider dish network paid no federal income taxes on 2.5 billion of us income in 2020..

The software company salesforce avoided all federal income tax on 2.6 billion of u.s income and, last but not least, the shoe manufacturer nike didn't pay a dime, a federal income tax on almost 2.9 billion. You heard that right, 2.9 billion of u.s pre-tax income last year. Instead of enjoying a 109 million tax rebate, 55 profitable companies that avoided all federal income taxes in 2020, once again, we'll get the results for 2021 in a couple months, and this is in alphabetical order. First, up to bat, we have advanced micro devices, better known as amd.

They were pretty much flat, but right away. The one that jumps out to me is their effective tax rate of negative 37.4 archer daniels midland. We have booze allen slightly negative cabot oil and gas negative 13. What else do we have here dexcom dish network? We knew about that.

One duke energy ecolab fedex, almost operating at a negative 19 interesting hp, negative 2.8. This is a large one. Inter-Public group, negative 18 mohawk industries, almost negative 39. congratulations, mohawk nike.

We talked about that. Salesforce talked about that. These are just absolutely ridiculous. Total all 55 companies on average negative 8.6 we're talking on an income of 40.5 billion.

You really got ta. Let that sit in absolutely ridiculous, now, you're most likely and rightfully thinking, that's a load of, and i'm right there with you. But i really don't think that this is the corporation's fault they're playing in the game by the set of rules that they're allowed to and they're just kind of exploiting the rules that are given to them. My issue is with the rule makers, i.e, politicians, you know those people who are easily pulling in.

I don't know multiple six figures by what barely doing their job, at least it seems like they don't do much, or the thing that they do do is make very impressive, shrewd trades that are awfully timely, but are totally 100, not insider trading. You better not think that at all they're, just apparently that good at governing their constituents and also outperforming most hedge funds on the planet, totally nothing to look into those are the people. I blame the people who are being lobbied, they're, getting donations from wall street from these companies. It's those people who are voting on the laws and then they enact those laws and then obviously it trickles down to these companies.

So why you - and i are having a tough time with these taxes kind of moving money around figuring out what to pay when we can pay it. You have these multi-billion dollar conglomerates who are getting away completely scot-free because of the horrific cronyism that exists between wall street and capitol hill. It's absolutely disgusting. Now, obviously, maybe i'm wrong, maybe i'm too young and dumb to realize what's going on, so i would love to get your thoughts in a comment below and if you enjoyed this type of stuff, it would be awesome if you could join up with the moon gang By hitting that subscribe button i'll catch you in the next video you.

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