- The video conferencing service Zoom saw its revenues soar during the coronavirus pandemic, but the fact the company paid no federal income taxes reveals a dark lesson about our economy, a leading economist explained on Saturday.
- “Zoom saw its profits increase 4,000% last year,” former Labor Secretary Robert Reich noted. “But, wait for it, paid no federal income taxes. Zero. Folks, the system is rigged,” the Berkeley economics professor concluded.
- Reich linked to an analysis by Matthew Gardner of the Institute on Taxation and Economic Policy (ITEP). Zoom’s success in using stock options to avoid taxes is neither surprising nor (currently) illegal.
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