Tesla Paid Zero Federal Taxes in 2024 Despite $2.3 Billion in Income

Despite earning $2.3 billion in 2024 and being the world's most valuable car company, Tesla paid zero federal income taxes, according to new reports. Over the past three years, Tesla's average tax rate was a mere 0.4%, significantly lower than the statutory 21% corporate tax rate. This is attributed to tax avoidance strategies like accelerated depreciation and unspecified US tax credits. The revelation sparks debate about the US tax system's favoritism towards corporations and the wealthy, and the ease with which billionaires can avoid paying their fair share.