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Trump gave top US firms staggering tax cuts, with some paying $0 or less – report (www.theguardian.com)

submitted 8 months ago by [email protected] to c/[email protected]

49 comments fedilink hide all child comments

Among lowest taxpayers were companies whose CEOs have become high-profile advocates for corporate social responsibility

Some of the US’s most profitable corporations, including General Motors, Citigroup and Netflix, have slashed their tax bills in the years since the passage of the Trump tax cuts, with nearly a quarter paying rates in the single digits and 23 paying nothing, a report has found.

The 2017 law cut the top corporate income tax rate from 35% to 21%. But the new assessment of corporate tax avoidance, published on Thursday by the non-profit Institute on Taxation and Economic Policy (Itep), found that during the first five years the law was in effect, many profitable public companies in the US paid a far lower rate in practice.

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[–] [email protected] 70 points 8 months ago (9 children)

In 2020, Marc Benioff, the co-founder and CEO of Salesforce, declared to the New York Times that “it’s time for a new kind of capitalism: stakeholder capitalism, which recognizes that our companies have a responsibility to all our stakeholders”.

And how is our current system not already an extreme version of this???

[–] [email protected] 42 points 8 months ago* (last edited 8 months ago) (5 children)

Shareholders aren't the same as stakeholders. Shareholders are always stakeholders, but stakeholders aren't always share holders.

Stakeholders are people with any kind of interest in the company doing well, this includes people like employees, suppliers, and customers. Basically anyone that benefits from a business doing well.

I feel like he might be arguing for the kind of change that the current "anything to keep the stock price going up so the shareholders stay happy" model desperately needs.

Probably a bunch of lipservice to keep shareholders happy by addressing risk that they all foresee....namely the shifting temperament towards large corporations by the people who's value is being stolen for shareholders gains.

[–] [email protected] 11 points 8 months ago (1 children)

Soundbites over substance is the name of the corporate PR game.

[–] [email protected] 8 points 8 months ago

It's so nuts...

Speaking to shareholders, about 'shifting' the model, in an open and public medium.

He's literally talking to people who want their money to grow, about changing how the money grows....if you read between the lines it's basically

"Hey we know this is a growing concern, here in the c-suite we see it coming too. Rest assured, we're going to pander to public sentiment so our shareholder profits remain intact. Our hope is that in doing so we attract more talent to exploit thereby maintaining that upward trajectory we all know and love.

Remember 'unlimited PTO'? Yeah, we'll give these guys the same treatment."

But because these statements are public as are the financials etc, they won't just outright say it. I'll bet you quarterly and annual filings have the same type of stuff in the section disclosing current and foreseeable risks.

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