Source: Bernard Smalls / @PhotosByBeanz
While sneakerheads around the globe continue to shell out millions of dollars on Jordan’s, Air Max’s and SB Dunks, Nike’s been reaping billions of dollars in profits while paying absolutely nothing in federal income taxes.
Business Insider is reporting that for the past three years of the Trump era where the rich got richer and the struggling got extra bus fare (maybe) thanks to a controversial tax cut for millionaires, Nike was one of 55 other companies that made bank without having to pay a dime to Uncle Sam.
Nike along with 25 other companies made a combined $77 billion dollars over a three-year period with Nike accounting for $4.1 bill of the $77. After the Trump tax cuts those billion-dollar companies paid $0 in federal income taxes because Trump and his party feel that the mega rich shouldn’t foot the bill for any American expenses. No, that goes to us regular folk who pay hella taxes on the bread crumbs we make just to get by. Had the tax code remained the same pre-Trump, the 55 companies who made out like bandits would’ve had to cough up $12 billion in federal taxes.
While people are upset that Amazon rakes in billions and avoids paying taxes because of that fact, Nike, Fed Ex and 53 other companies enjoy the same kind of treatment thanks to various loopholes in the Trump tax reform. This spurred Senator Bernie Sanders to call out Nike on Twitter and remind everyone that the cost of a pair of Air Force 1’s is more than what Nike’s paid in taxes these past few years combined.
If you paid $120 for a pair of Nike Air Force 1 shoes, you paid more to Nike than it paid in federal income taxes over the past 3 years, while it made $4.1 billion in profits and Nike’s founder, Phil Knight, became over $23 billion richer. Yes. We must #TaxTheRich.
— Bernie Sanders (@BernieSanders) April 2, 2021
President Joe “Money Bagg” Biden knows that this isn’t the move and plans on taxing companies like Nike to help further his agenda of rebuilding America’s infrastructure and help families struggling to get back on their feet.
Biden said he was aware the company was one of many Fortune 500 companies that use loopholes to avoid taxes, while middle class families are not afforded the same opportunities and pay over 20% tax rates.
“I don’t want to punish them, but that’s just wrong,” Biden said.
Tax. The. Rich.
HipHopWired Radio
Our staff has picked their favorite stations, take a listen…