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Citing Tesla’s year-end financial report released this week, the Institute on Taxation and Economic Policy (ITEP) reports that Tesla paid a 0 percent federal income tax rate last year, even as the company reported $2.3 billion in income.
In 2023, Tesla paid $48 million in taxes on $3.1 billion in income — a 1.5 percent rate. And, in 2022, when it reported $5.5 billion in income, Tesla also paid a 0 percent tax rate.
This brings Tesla’s average tax rate over the past three years to 0.4 percent, or 50 times less than the statutory corporate tax rate of 21 percent.
Tesla Paid Zero Federal Income Tax in 2024, Despite $2.3 Billion in Income | Truthouthttps://truthout.org/articles/tesla-paid-zero-federal-income-tax-in-2024-despite-2-3-billion-in-income/