Common Dreams: Zoom Paid $0 in Federal Income Taxes on 4,000% Profit Increase During Pandemic: Report
media mentionThe U.S.-based online video chat platform Zoom has seen its profits skyrocket by 4000% during the Covid-19 pandemic thanks to the growing reliance on remote work and schooling, but an analysis by the Institute on Taxation and Economic Policy finds that the company didn’t pay a dime in federal corporate income taxes on its 2020 windfall.
The reason, according to ITEP senior fellow Matthew Gardner, lies mainly in Zoom’s “lavish use of executive stock options,” a common tactic of big corporations looking to skirt their federal tax obligations.