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Clickbait title. First, this is narrowly about federal income tax. SpaceX presumably pays plenty of other taxes. Second, using the projected profits in the ar
by _acco 1y ago
Clickbait title.
First, this is narrowly about federal income tax. SpaceX presumably pays plenty of other taxes.
Second, using the projected profits in the article, SpaceX will have exhausted its NOL pool by the end of this year, and so will pay billions in federal income tax next year.
But more important: the whole point of these tax cuts and programs is to let businesses use losses today so they can create value — and tax revenue — tomorrow. Of course, if you take a snapshot after part 1 but before part 2, it will always look like “X gets Y from government and gives nothing back”.
- Larrikin 1y ago>SpaceX presumably pays plenty of other taxes Do you have any evidence of this?
- _acco 1y agoYou think they don’t pay payroll tax, sales tax, or property tax? Operating a business means consuming and producing things, which involves paying taxes.
- pavlov 1y agoPayroll tax is paid by the employees, not the company. As for property tax, didn’t SpaceX move to its remote Texas location (“Starbase”) specifically to avoid taxes and regulations and to run its own company town.
- _acco 1y agoFalse, payroll taxes are split. And Texas is famous for its property taxes.
- felix_n 1y agoAlso false, SS and Medicare taxes are split, but federal income tax is not, with the latter typically being higher.
- votepaunchy 1y agoMost Americans pay more in payroll taxes than income tax: https://taxfoundation.org/taxedu/glossary/payroll-tax/ https://taxfoundation.org/taxedu/glossary/payroll-tax/
- itsdrewmiller 1y agoIncome tax is not payroll tax.
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