Netflix just dropped $10 million to get the rights for a new flick which we reported here in AOC’S ‘KNOCK DOWN THE HOUSE’ RIGHTS FETCHES $10M FROM NETFLIX and made a reported $845 million in profits in 2018 – but paid NO taxes! How can this be? Simple enough – the new tax code has the loopholes they can take advantage of, so for 2018, at least, the only taxes they paid were to countries other than the USA.

This from Breitbart:

Streaming giant Netflix apparently did not pay a penny in federal or state income taxes despite posting profits exceeding $845 million, according to a review of their tax filings.

The online entertainment service reported a profit of more than $845 million in 2018, but also reported a $22 million federal tax rebate, according to the Institute on Taxation and Economic Policy (ITEP), the Daily Mail wrote.

ITEP noted that Netflix is still “exploiting loopholes” in the tax code that helped it gear up to become one of the nation’s leading entertainment companies.

The group also said that the streaming service reported paid $131 million in taxes in 2018, but most of that was paid to foreign governments.

“It is pretty clearly true that Netflix’s cash payment of worldwide income taxes in 2018 was $131 million,” ITEP Senior Fellow Matthew Gardner said. “But that is a worldwide number—the amount Netflix actually paid to national, state and local governments worldwide in 2018. This tells us precisely nothing about the amount Netflix paid to any specific government, including the U.S.”

But Gardner adds that the notes to the report tell a more detailed story.

“The notes to the financial statements have a detailed section on income taxes,” he said. “And what this tells us is that all of the income taxes Netflix paid in 2018 were foreign taxes. Zero federal income taxes, zero state income taxes in the US.”

Netflix seems to be doing just fine, and may not be in need of the massive tax breaks it enjoyed for 2018.

For instance, the streaming service recently shelled out a record ten million dollars to purchase the broadcast rights for a documentary that followed the primary run of self-avowed socialist congresswoman Alexandria Ocasio-Cortez.

Source: Breitbart News

Imagine, if you could, what it would be like to make a ton of money without paying any taxes. Can you? I’m just now in the process of preparing my 2018 tax returns, and even at my insignificant level of income, especially when compared to $845 million, I’m semi-retired and am still going to have to pay about a tenth of what I made just from the little side job I have. How about you?

 


 

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