US EditionTesla Paid Zero Federal Income Tax in 2024, Despite $2.3 Billion in Income
- Tesla reported $2.3 billion in U.S. income for 2024 but paid zero federal income tax, according to its annual financial report.
- Over the past three years, Tesla's federal tax rate averaged 0.4%, significantly lower than the statutory rate of 21%, as stated by the Institute on Taxation and Economic Policy.
- The company used tax strategies like accelerated depreciation and unspecified U.S. tax credits to avoid $800 million in taxes, as reported by ITEP.
- Congress may consider expanding tax breaks for Tesla, which could further reduce its tax obligations, according to reports.
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Tesla Reported Zero Federal Income Tax on $2 Billion of U.S. Income in 2024
Elon Musk’s company avoided almost all federal income tax on nearly $11 billion of U.S. income over three years Tesla, the most valuable automaker in the world valued at over $1 trillion, did not pay any federal income tax last year. Tesla’s annual financial report, released this morning, shows the company enjoyed $2.3 billion of U.S. income in 2024 on which it reports precisely zero current federal income tax. Over the past three years, the Elo…
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Leaning Left3Leaning Right0Center1Last UpdatedBias Distribution75% Left
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- 75% of the sources lean Left
75% Left
L 75%
C 25%
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