Tesla will likely pay $0 in federal income taxes this year, despite reporting billions of dollars of profits to its shareholders for 2021.
in the Cayman Islands – are “a definite eyebrow raiser from a tax avoidance perspective,” Gardner toldIt’s possible that the reason why the company is claiming that overseas profits are much more of a boon than U.S. profits is because it’s true; the companymake a large portion of its profits from China last year. But Tesla could also be making this claim falsely because it gives the company the ability to shift those profits overseas, where they may be subject to lower tax rates.
“That’s a completely plausible alternative reason why they’d say, ‘we’ll never turn a profit in the U.S.’” Gardner said. “But the quiet part of that statement – ‘we’ll never turn a profit in the U.S.’ – is ‘because we know we’re always going to shift our profits somewhere else.’” Purposefully structuring its finances and corporation in this way would make Tesla’s filings similar to that of the “dozens of other companies that I’ve seen making similar disclosures with a similarly suspicious allocation of income between the US and every other nation,” Gardner said. However, Gardner also emphasized that there’s no way to know whether Tesla is doing this for sure without getting further confirmation from its tax filings or other details.
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