Here’s what we have for you today:
• Ask Uncle Sam
• This decade
• Conflicting interest
Large companies with tax problems
Roll it back: Reportedly, at least 55 of the largest corporations in the US paid no federal corporate income taxes during their fiscal year of 2020 in accordance to the Institute on Taxation and Economic Policy.
The review: The IRS claims Microsoft owes an additional $28.9 billion from the period between 2004 and 2013 in taxes, penalties with interest after an audit.
Amazingly: Nike “didn’t pay a dime of federal income tax,” for 2020 as stated by ITEP.
Head of JPMorgan on 2023
That said: JPMorgan CEO Jamie Dimon stated the following regarding the US “…persistently tight labor markets as well as extremely high government debt levels with the largest peacetime fiscal deficits ever are increasing the risks that inflation remains elevated and that interest rates rise further from here.”
Currently: Jamie also mentioned “This may be the most dangerous time the world has seen in decades.”
The difference: The bank has set aside $1.38 billion to cover bad loans, shy of $2.5 billion from other sentiments.
Big oil going strong amid climate concerns
Far-fetched: Countries are still approving new oil and gas projects, with the US leading the way. With big banks willing to finance that expansion, even as they pledge to achieve net-zero emissions on their balance sheets by 2050.
Fueling forecast: ExxonMobil forecast that oil, gas, and coal will account for 68% of the energy mix by 2050.
In addition: ExxonMobil is looking to buy and merge with Pioneer for $60 billion.