Tesla head Elon Musk has slammed those who use “shady” tax loopholes while he shifted $18 billion in profits offshore, saving at least $400 million in U.S. taxes with loopholes, reports Reuters:
Tesla units in the Netherlands and Singapore in recent years posted $18 billion in profits that were not taxed in those countries. Without the help of a financial maneuver, moreover, those profits would likely have been reported and taxed in the United States. A common corporate tactic known as profit shifting, the maneuver likely enabled savings of more than $400 million on U.S. taxes, the analysis shows…
The big savings for Tesla counter claims by Elon Musk, the billionaire entrepreneur who is the company’s chief executive and largest shareholder, that his businesses don’t seek to avoid paying their fair share of U.S. taxes…
When campaigning with Trump before the 2024 election, Musk said he often spurned proposals to avoid higher tax bills. “I’m often pitched on these loopholes,” he told a Pennsylvania audience that October. “I’m like, ‘That sounds pretty shady. I don’t think we should do that.’”
Neither Tesla nor Musk responded to Reuters’ calls or emails seeking comment for this report. The Internal Revenue Service, the U.S. tax authority, didn’t respond to requests for comment.
(Source: Reuters)