Spacex may have cleared federal income taxes for decades, as the investigation reveals

Since its establishment in 2002, Elon Musk’s Spacex has appeared as a leading force in commercial spaces and a major launching a US government. The recent investigation indicates that its hegemony may stem – at least partially – of two decades of avoiding federal taxes.

Exclusively reviewed the internal documents New York Times Show that Spacex can take advantage of the CARRYFORWARDS net, an American tax rule that allows companies to use past losses displacement Future tax income. The documents indicate that Spacex has accumulated about $ 5.4 billion of tax losses by the end of 2021, allowing them to avoid federal taxes at $ 5.4 billion of future income. The benefit is available to all companies, and in 2017, President Trump Excluded expiration date. According to the Times, this means that Spacex can apply approximately $ 3 billion in previous losses for taxable income in the future as long as it wants.

Gizmodo communicates to Spacex to comment but did not receive a response by publishing time.

In June, MUSK moved to X – his social media platform – to Advertise SPACEX revenues will exceed the entire NASA budget next year, and will crowned $ 15.5 billion. The company’s revenues estimated 2024 about 13.1 billion dollars, an increase of 8.7 billion dollars in 2023, a load load Reports.

Spacex is one of the several billions of technical companies that pushed musk to the global theater and made it Richest A man in the world. Their growth was largely dependent on federal financing.

In February, the Washington Post analysis Find This musk and companies have received at least $ 38 billion in government contracts, loans, subsidies and tax credits over the past twenty years. Wapo reported that 52 other contracts are continuing in seven government agencies, including NASA, the Ministry of Defense, and the Public Services Department, could pay for an additional $ 11.8 billion companies during the next few years.

Most of these contracts between Spacex and NASA or DOD. The documents reviewed by the New York Times indicated that nearly 84 % of Spacex 2020 and 76 % of its revenues 2021 stems from federal contracts.

Times tax experts told that avoiding more than $ 5 billion in federal income taxes was large for the company that relied heavily on government contracts. The documents indicate that Spacex has paid some income tax to foreign governments and state governments since 2002, but perhaps not for the American government, according to the Times.

The alleged Spacex ability to protect billions of future profits from the Tax Authority provides a disturbing paradox: the company that owes a lot of its growth in federal financing may give relatively little to public treasures. This unilateral relationship does not seem to end any time soon, as Spacex has become an integral part of the American space economy and national defense.