From Urban Milwaukee:
2020 was a profitable year for Fiserv, the financial services company located in Brookfield. The company earned $1.1 billion in pre-tax earnings on revenue of $14.85 billion.
Even better, it paid not a dollar in federal taxes on those earnings.
Still better, it actually got a tax rebate from the IRS, of $25 million, increasing its net income for the year.
As you will recall, Frank Bisignano, who has been nominated to become Commissioner of Social Security, is CEO of Fiserv.
5 comments:
Why would anybody be surprised? It’s going to be a long four years but elections have consequences.
Apparently the Urban Milwaukee rag has never heard of net operating loss carry forward deductions. Wise planning.
Fine. But is it really just all fair and cool that massive businesses that reap disproportionate benefits from government spending get to externalize their business losses while people busting their butts 60 hours a week for a pittance can‘t even deduct more than a tiny fraction of expenses for things like childcare? These people are getting a massive handout that essentially insulates their business from risk while the rest of us get screwed up the rear.
Privatize the profits and socialize the losses, the true American way!!
How much did the company contribute in Social Security taxes for the thousands of employees it employed in 2020?
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