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by chipsambos 1846 days ago
> So what exactly is left for a corporate tax to collect?

£220bn in profit last year.

It's in the headline.

2 comments

> £220bn

As others pointed out — this number is nonsense. See for example https://news.ycombinator.com/item?id=27380998.

Yeah that was my first thought on seeing the title. MSFT as a whole made a grand total of $143 billion (€118 billion) revenue in 2020 (across the globe), and $44.3 billion (€36.5 billion) profit during this time.

I'm not sure how they got from a €36.5 billion profit for the year (which would be the maximal taxable amount) to a €220 billion number, something 6x higher.

Well, thanks for your snarky comment. ;)

The profit goes out to shareholders as dividends, to employees as salary rises and into investments of a corporate’s means of production hopefully generating more growth and, hence, growing tax returns.