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Trump gave top US firms staggering tax cuts, with some paying $0 or less – report (www.theguardian.com)

submitted 8 months ago by [email protected] to c/[email protected]

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Among lowest taxpayers were companies whose CEOs have become high-profile advocates for corporate social responsibility

Some of the US’s most profitable corporations, including General Motors, Citigroup and Netflix, have slashed their tax bills in the years since the passage of the Trump tax cuts, with nearly a quarter paying rates in the single digits and 23 paying nothing, a report has found.

The 2017 law cut the top corporate income tax rate from 35% to 21%. But the new assessment of corporate tax avoidance, published on Thursday by the non-profit Institute on Taxation and Economic Policy (Itep), found that during the first five years the law was in effect, many profitable public companies in the US paid a far lower rate in practice.

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[–] [email protected] 70 points 8 months ago (9 children)

In 2020, Marc Benioff, the co-founder and CEO of Salesforce, declared to the New York Times that “it’s time for a new kind of capitalism: stakeholder capitalism, which recognizes that our companies have a responsibility to all our stakeholders”.

And how is our current system not already an extreme version of this???

[–] [email protected] 42 points 8 months ago* (last edited 8 months ago) (5 children)

Shareholders aren't the same as stakeholders. Shareholders are always stakeholders, but stakeholders aren't always share holders.

Stakeholders are people with any kind of interest in the company doing well, this includes people like employees, suppliers, and customers. Basically anyone that benefits from a business doing well.

I feel like he might be arguing for the kind of change that the current "anything to keep the stock price going up so the shareholders stay happy" model desperately needs.

Probably a bunch of lipservice to keep shareholders happy by addressing risk that they all foresee....namely the shifting temperament towards large corporations by the people who's value is being stolen for shareholders gains.

[–] [email protected] 1 points 8 months ago* (last edited 8 months ago)

Stakeholders are people with any kind of interest in the company doing well

Corporate social responsibility as a concept is even broader than that -- it's not just anyone who has interest in the company doing well, but broad consideration of anyone impacted by the decisions of the company.

A company might be able to save operational costs by dumping toxic sludge in a river, but within a CSR framework, people living downstream would be considered stakeholders and the potential negative impact of the decision on those people is supposed to be taken into account when decisions are made. The corporation is supposed to have a responsibility to do right by anyone impacted by their actions wherever possible.

At least that's the theory. It shouldn't be surprising that the language of CSR gets pretty commonly coopted by companies looking to whitewash what they're actually doing.

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