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.
Insights by Ground AI
Does this summary seem wrong?
5 Articles
5 Articles
All
Left
3
Center
1
Right
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…
Coverage Details
Total News Sources5
Leaning Left3Leaning Right0Center1Last UpdatedBias Distribution75% Left
Bias Distribution
- 75% of the sources lean Left
75% Left
L 75%
C 25%
Factuality
To view factuality data please Upgrade to Premium
Ownership
To view ownership data please Upgrade to Vantage
