SpaceX Has Likely Skirted Federal Income Taxes for Decades, Investigation Reveals

The article reveals that SpaceX, Elon Musk's multi-billion dollar rocket company, has likely been able to avoid paying federal income taxes for decades. According to internal documents, the company can indefinitely shield nearly $3 billion in profits from the Internal Revenue Service (IRS) through a tax loophole. The investigation suggests that SpaceX has been able to use a provision in the tax code that allows companies to defer taxes on profits if they reinvest them in research and development (R&D). This has allowed the company to avoid paying taxes on a significant portion of its earnings, which have been reinvested in the development of its reusable rocket technology. The article highlights the potential implications of this tax strategy, which may have given SpaceX an unfair advantage over competitors and deprived the government of substantial tax revenue. The findings raise questions about the fairness and transparency of the tax system, particularly as it applies to large, profitable companies.