News Summary

• In 2024, Tesla reported a profit of $7.1 billion but paid no corporate income tax.
• Julian Zelizer: Corporations keep two sets of books that follow different accounting rules.
• He says the results from this profit-and-loss shell game are exactly what you’d expect.
• Zelizers: Like the pass-through deduction, the Treasury department’s regulatory gutting of CAMT illustrates how one tax cut for the rich leads to another, and another, in an endless spiral.