Matthew Gardner
@mindthegaap.bsky.social
I work with the fine folks at @itep.org. State/fed tax policy, corporate tax, financial accounting, reverse engineering the perfect mapo tofu, go Washington Spirit. Glass half empty but trying to fill it.
The House of Representatives yesterday passed a bill undoing DC's OBBBA "decoupling" legislation. No Republicans opposed it, no Democrats supported it. The bill next goes to the Senate floor.
www.washingtonpost.com/dc-md-va/202...
www.washingtonpost.com/dc-md-va/202...
House rejects D.C. tax changes, potentially costing the city $600M in revenue
GOP proponents say they want to preserve tax cuts for residents and businesses. D.C. officials say the move would produce fiscal chaos.
www.washingtonpost.com
February 5, 2026 at 12:53 PM
The House of Representatives yesterday passed a bill undoing DC's OBBBA "decoupling" legislation. No Republicans opposed it, no Democrats supported it. The bill next goes to the Senate floor.
www.washingtonpost.com/dc-md-va/202...
www.washingtonpost.com/dc-md-va/202...
Meta's federal tax avoidance reached a new high last year. The company recorded its lowest-ever effective federal income tax rate at 3.5% in '25, even as it enjoyed its biggest US profit haul ever at $79 billion.
Trump's 2025 tax cuts are supercharging tech tax avoidance.
itep.org/meta-tax-bre...
Trump's 2025 tax cuts are supercharging tech tax avoidance.
itep.org/meta-tax-bre...
Meta’s Federal Tax Rate Hits an All-Time Low Due to Breaks Expanded by Trump Tax Law
The company paid an effective federal income tax rate of just over 3.5% in 2025, the lowest it has recorded since the company went public as Facebook in 2012.
itep.org
February 4, 2026 at 5:57 PM
Meta's federal tax avoidance reached a new high last year. The company recorded its lowest-ever effective federal income tax rate at 3.5% in '25, even as it enjoyed its biggest US profit haul ever at $79 billion.
Trump's 2025 tax cuts are supercharging tech tax avoidance.
itep.org/meta-tax-bre...
Trump's 2025 tax cuts are supercharging tech tax avoidance.
itep.org/meta-tax-bre...
OK this is wild: Pepsico's annual report, released this morning, discloses that the company reduced its income taxes by $310 million last year by artificially moving its profits to Bermuda.
Newly mandated income tax disclosures already yielding some fun headlines!
www.sec.gov/ix?doc=/Arch...
Newly mandated income tax disclosures already yielding some fun headlines!
www.sec.gov/ix?doc=/Arch...
https://www.sec.gov/ix?doc=/Archives/edgar/data/0000077476/000007747626000007/pep-20251227.htm#fact-identifier-1300
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<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">
<html xmlns="http://www.w3.org/1999/xhtml" lang="en...
www.sec.gov
February 3, 2026 at 1:44 PM
OK this is wild: Pepsico's annual report, released this morning, discloses that the company reduced its income taxes by $310 million last year by artificially moving its profits to Bermuda.
Newly mandated income tax disclosures already yielding some fun headlines!
www.sec.gov/ix?doc=/Arch...
Newly mandated income tax disclosures already yielding some fun headlines!
www.sec.gov/ix?doc=/Arch...
Congress is considering preventing DC from decoupling from OBBBA provisions, an utterly unprincipled & antifederalist move. The joint resolution that would undo DC's decision to uncouple doesn't say a word about why this is at all sensible, because it's not. (1/2)
www.congress.gov/bill/119th-c...
www.congress.gov/bill/119th-c...
www.congress.gov
February 2, 2026 at 1:51 PM
Congress is considering preventing DC from decoupling from OBBBA provisions, an utterly unprincipled & antifederalist move. The joint resolution that would undo DC's decision to uncouple doesn't say a word about why this is at all sensible, because it's not. (1/2)
www.congress.gov/bill/119th-c...
www.congress.gov/bill/119th-c...
For the 2nd straight year, Tesla reports making billions of dollars in the US and not paying one cent of federal income tax.
This is a feature, not a bug, of the federal corporate tax laws now in place. R&D credits, bonus depreciation, executive stock options made it happen.
itep.org/tesla-report...
This is a feature, not a bug, of the federal corporate tax laws now in place. R&D credits, bonus depreciation, executive stock options made it happen.
itep.org/tesla-report...
Tesla Reported Zero Federal Income Tax on $5.7 Billion of U.S. Income in 2025
Tesla enjoyed almost $5.7 billion of U.S. income in 2025 but paid $0 in federal income tax. Over the past three years, the Elon Musk-led company reported $12.5 billion of U.S. income on which its curr...
itep.org
January 29, 2026 at 4:48 PM
For the 2nd straight year, Tesla reports making billions of dollars in the US and not paying one cent of federal income tax.
This is a feature, not a bug, of the federal corporate tax laws now in place. R&D credits, bonus depreciation, executive stock options made it happen.
itep.org/tesla-report...
This is a feature, not a bug, of the federal corporate tax laws now in place. R&D credits, bonus depreciation, executive stock options made it happen.
itep.org/tesla-report...
Reposted by Matthew Gardner
Amazon reported $61.9 billion in US income and had $82.3 billion in cash on hand at the end of 2024.
BREAKING: Amazon cuts about 16,000 jobs in the latest round of mass layoffs for the tech industry.
Amazon cuts 16,000 jobs in the latest round of layoffs
Amazon is announcing about 16,000 job cuts in the latest round of tech industry layoffs. Beth Galetti, a senior vice president at the company, shared the news in a blog post on Wednesday.
bit.ly
January 28, 2026 at 4:41 PM
Amazon reported $61.9 billion in US income and had $82.3 billion in cash on hand at the end of 2024.
Didn't know: there's a website devoted to tracking the progress of snowplowing within DC. citizeninsights.geotab.com#/dcsnowgov
Citizen Insights
citizeninsights.geotab.com
January 26, 2026 at 3:16 PM
Didn't know: there's a website devoted to tracking the progress of snowplowing within DC. citizeninsights.geotab.com#/dcsnowgov
So amazing that #washingtonspirit fans get to watch Trinity Rodman at Audi again in '26. Her new contract, announced last night, includes a $1 million salary, which is a new record for professional women's soccer. But it is *so* ludicrous that this is a record. (1/2)
www.youtube.com/watch?v=0alz...
www.youtube.com/watch?v=0alz...
Trinity Rodman Washington Spirit Contract Extension | Full Re-Signing Event & Press Conference
YouTube video by The Local W
www.youtube.com
January 23, 2026 at 2:12 PM
So amazing that #washingtonspirit fans get to watch Trinity Rodman at Audi again in '26. Her new contract, announced last night, includes a $1 million salary, which is a new record for professional women's soccer. But it is *so* ludicrous that this is a record. (1/2)
www.youtube.com/watch?v=0alz...
www.youtube.com/watch?v=0alz...
Intel's annual report, released today, is the first I've seen to incorporate new requirements for better income tax disclosures. Required for anyone whose 2025 fiscal year begins after 12/15/24.
This'll make it easier to understand who's not paying corp taxes and why.
www.sec.gov/ix?doc=/Arch...
This'll make it easier to understand who's not paying corp taxes and why.
www.sec.gov/ix?doc=/Arch...
https://www.sec.gov/ix?doc=/Archives/edgar/data/50863/000005086326000011/intc-20251227.htm
<?xml version="1.0" encoding="UTF-8"?>
<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">
<html xmlns="http://www.w3.org/1999/xhtml" lang="en...
www.sec.gov
January 23, 2026 at 1:37 PM
Intel's annual report, released today, is the first I've seen to incorporate new requirements for better income tax disclosures. Required for anyone whose 2025 fiscal year begins after 12/15/24.
This'll make it easier to understand who's not paying corp taxes and why.
www.sec.gov/ix?doc=/Arch...
This'll make it easier to understand who's not paying corp taxes and why.
www.sec.gov/ix?doc=/Arch...
Riveting. Nina knew covering Dylan generally worked better if you omitted a few verses and this is just perfect.
youtu.be/XCLgd_R6xR0
youtu.be/XCLgd_R6xR0
Nina Simone - The Ballad of Hollis Brown
YouTube video by Shhh Peaceful
youtu.be
January 15, 2026 at 4:32 AM
Riveting. Nina knew covering Dylan generally worked better if you omitted a few verses and this is just perfect.
youtu.be/XCLgd_R6xR0
youtu.be/XCLgd_R6xR0
Trump's new SEC chair is worried that the disclosure requirements his agency is imposing on big corporations will result in "information overload" for investors. He is especially concerned about disclosing the ratio of executive compensation to media worker pay.
www.sec.gov/newsroom/spe...
www.sec.gov/newsroom/spe...
SEC.gov | Revitalizing America’s Markets at 250
On the cusp of America's 250th anniversary, SEC Chairman Paul Atkins outlines his vision to strengthen U.S. capital markets for the next century and what the SEC is doing now to lay that groundwork.
www.sec.gov
January 10, 2026 at 4:42 PM
Trump's new SEC chair is worried that the disclosure requirements his agency is imposing on big corporations will result in "information overload" for investors. He is especially concerned about disclosing the ratio of executive compensation to media worker pay.
www.sec.gov/newsroom/spe...
www.sec.gov/newsroom/spe...
Extended thoughts on the federal tax code's $1 million cap on deductible CEO pay here: jakethesnak3.substack.com/p/curbing-ta...
Curbing Tax Deductions for Executive Pay is a Federal Tax Change States Should Get Behind
Since the Trump administration’s latest federal tax cut was signed into law last July, my compatriots at ITEP have spilled a lot of ink documenting the harmful effects the new law can have on state ta...
jakethesnak3.substack.com
January 10, 2026 at 4:33 PM
Extended thoughts on the federal tax code's $1 million cap on deductible CEO pay here: jakethesnak3.substack.com/p/curbing-ta...
@itep.org has spilled a lot of ink reminding lawmakers that the corporate/individual tax cuts in last summer's Trump tax law could hurt state budgets too. And they're right to do so.
But there *are* provisions in the OBBBA that are worth piggybacking on. Case in point: section 162(m). (1/x)
But there *are* provisions in the OBBBA that are worth piggybacking on. Case in point: section 162(m). (1/x)
January 8, 2026 at 2:20 AM
@itep.org has spilled a lot of ink reminding lawmakers that the corporate/individual tax cuts in last summer's Trump tax law could hurt state budgets too. And they're right to do so.
But there *are* provisions in the OBBBA that are worth piggybacking on. Case in point: section 162(m). (1/x)
But there *are* provisions in the OBBBA that are worth piggybacking on. Case in point: section 162(m). (1/x)
TIL that the only US state that has a (partially) circular border is Delaware, which has a semi-circular northern border section that was made by drawing a 12-mile-radius circle around New Castle. Done in 1682, refined in 1750.
www.nps.gov/places/delaw...
www.nps.gov/places/delaw...
Delaware-Pennsylvania Border Marker (U.S. National Park Service)
www.nps.gov
January 5, 2026 at 2:32 AM
TIL that the only US state that has a (partially) circular border is Delaware, which has a semi-circular northern border section that was made by drawing a 12-mile-radius circle around New Castle. Done in 1682, refined in 1750.
www.nps.gov/places/delaw...
www.nps.gov/places/delaw...
California-based Synopsys reports, in its latest annual report, a $111 million tax cut, in the form of a reduction in valuation allowance related to CA R&D credits. Likely due to California SB 711, this year's conformity bill, which makes R&D credits more generous.
www.sec.gov/ix?doc=/Arch...
www.sec.gov/ix?doc=/Arch...
https://www.sec.gov/ix?doc=/Archives/edgar/data/883241/000088324125000028/snps-20251031.htm#fact-identifier-1836
<?xml version="1.0" encoding="UTF-8"?>
<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">
<html xmlns="http://www.w3.org/1999/xhtml" lang="en...
www.sec.gov
December 23, 2025 at 3:08 PM
California-based Synopsys reports, in its latest annual report, a $111 million tax cut, in the form of a reduction in valuation allowance related to CA R&D credits. Likely due to California SB 711, this year's conformity bill, which makes R&D credits more generous.
www.sec.gov/ix?doc=/Arch...
www.sec.gov/ix?doc=/Arch...
So “the largest economic win in Kansas history” is moving a football stadium 20 miles away from its current location, with both new and old stadia in the greater KC area? www.nytimes.com/athletic/691...
Chiefs announce plans to move to Kansas and build domed stadium
The Chiefs will move to a state-of-the-art domed stadium in Kansas rather than renovate 53-year-old Arrowhead Stadium in Missouri.
www.nytimes.com
December 22, 2025 at 10:57 PM
So “the largest economic win in Kansas history” is moving a football stadium 20 miles away from its current location, with both new and old stadia in the greater KC area? www.nytimes.com/athletic/691...
He was a tight-fisted hand at the grind-stone, Romney! a squeezing, wrenching, grasping, scraping, clutching, covetous, old sinner.
...And then he saw three totally non-copyrighted ghosts. (1/x)
itep.org/tax-the-rich...
...And then he saw three totally non-copyrighted ghosts. (1/x)
itep.org/tax-the-rich...
‘Tax the Rich,’ Says … Mitt Romney?
His 900-word New York Times op-ed identifies some sensible federal tax reform ideas that would create a fairer, more sustainable tax system.
itep.org
December 22, 2025 at 7:44 PM
He was a tight-fisted hand at the grind-stone, Romney! a squeezing, wrenching, grasping, scraping, clutching, covetous, old sinner.
...And then he saw three totally non-copyrighted ghosts. (1/x)
itep.org/tax-the-rich...
...And then he saw three totally non-copyrighted ghosts. (1/x)
itep.org/tax-the-rich...
Break up the Dodgers: LA's luxury tax payment this season exceeds the entire payroll of the Nats (and a bunch of other teams).
www.nytimes.com/athletic/690...
www.nytimes.com/athletic/690...
Dodgers to pay record $169 million luxury tax bill after back-to-back World Series wins
The Dodgers' 2025 tax bill exceeds the payrolls of 12 separate MLB franchises this season.
www.nytimes.com
December 22, 2025 at 2:47 PM
Break up the Dodgers: LA's luxury tax payment this season exceeds the entire payroll of the Nats (and a bunch of other teams).
www.nytimes.com/athletic/690...
www.nytimes.com/athletic/690...
Still having trouble getting my head around the magnitude of this reversal. In 2012 Romney ran for president on estate tax repeal. Now he wants to end stepped up basis, and is concerned about "billionaires avoid[ing] capital gains tax."
Dude must be scared as hell.
www.nytimes.com/2025/12/19/o...
Dude must be scared as hell.
www.nytimes.com/2025/12/19/o...
Opinion | Mitt Romney: Tax the Rich, Like Me
www.nytimes.com
December 21, 2025 at 3:43 PM
Still having trouble getting my head around the magnitude of this reversal. In 2012 Romney ran for president on estate tax repeal. Now he wants to end stepped up basis, and is concerned about "billionaires avoid[ing] capital gains tax."
Dude must be scared as hell.
www.nytimes.com/2025/12/19/o...
Dude must be scared as hell.
www.nytimes.com/2025/12/19/o...
Romney's current views on tax reform also appear to dovetail pretty nicely with what @itep.org 's been pushing. Here's an annotated guide to the specifics we can glean from his @nytimes.com piece, with links to helpful ITEP pieces where available: (1/x)
"We have reached a point where any mix of solutions to our nation’s economic problems is going to involve the wealthiest Americans contributing more."
Mitt Romney agrees with the majority of Americans that it's time to tax the rich. www.nytimes.com/2025/12/19/o...
Mitt Romney agrees with the majority of Americans that it's time to tax the rich. www.nytimes.com/2025/12/19/o...
Opinion | Mitt Romney: Tax the Rich, Like Me
www.nytimes.com
December 20, 2025 at 12:23 AM
Romney's current views on tax reform also appear to dovetail pretty nicely with what @itep.org 's been pushing. Here's an annotated guide to the specifics we can glean from his @nytimes.com piece, with links to helpful ITEP pieces where available: (1/x)
New "please tax me more" op-ed from Mitt Romney is only about 13 years too late to be helpful.
As a presidential candidate in 2012, he gave off *slightly* different vibes.
1) at a time when candidates still routinely released their tax returns. he refused.
(1/x)
www.nytimes.com/2025/12/19/o...
As a presidential candidate in 2012, he gave off *slightly* different vibes.
1) at a time when candidates still routinely released their tax returns. he refused.
(1/x)
www.nytimes.com/2025/12/19/o...
www.nytimes.com
December 19, 2025 at 2:52 PM
New "please tax me more" op-ed from Mitt Romney is only about 13 years too late to be helpful.
As a presidential candidate in 2012, he gave off *slightly* different vibes.
1) at a time when candidates still routinely released their tax returns. he refused.
(1/x)
www.nytimes.com/2025/12/19/o...
As a presidential candidate in 2012, he gave off *slightly* different vibes.
1) at a time when candidates still routinely released their tax returns. he refused.
(1/x)
www.nytimes.com/2025/12/19/o...
Broadcom's latest annual report says it just "CAMT" quit the alternative minimum tax. The company's taking a $1.3 billion tax hit reflecting a writedown of the company's minimum tax carryforwards. This is an admission that they're likely to be CAMT taxpayers indefinitely.
www.sec.gov/ix?doc=/Arch...
www.sec.gov/ix?doc=/Arch...
https://www.sec.gov/ix?doc=/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm#fact-identifier-1567
<?xml version="1.0" encoding="UTF-8"?>
<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">
<html xmlns="http://www.w3.org/1999/xhtml" lang="en...
www.sec.gov
December 19, 2025 at 1:24 PM
Broadcom's latest annual report says it just "CAMT" quit the alternative minimum tax. The company's taking a $1.3 billion tax hit reflecting a writedown of the company's minimum tax carryforwards. This is an admission that they're likely to be CAMT taxpayers indefinitely.
www.sec.gov/ix?doc=/Arch...
www.sec.gov/ix?doc=/Arch...
England's top soccer league is set to ban teams from having "front of shirt" gambling sponsors starting next season. This is a laudable move given the visual saturation of gambling cues not just in sports but... everywhere.
But teams' reactions are pretty gross.
www.theguardian.com/football/202...
But teams' reactions are pretty gross.
www.theguardian.com/football/202...
Premier League clubs turn to hidden gambling partners to beat sponsorship ban
Aston Villa, Chelsea, Leeds and Nottingham Forest failed to respond to questions sent by the Guardian, while Sunderland refused to comment
www.theguardian.com
December 19, 2025 at 1:08 PM
England's top soccer league is set to ban teams from having "front of shirt" gambling sponsors starting next season. This is a laudable move given the visual saturation of gambling cues not just in sports but... everywhere.
But teams' reactions are pretty gross.
www.theguardian.com/football/202...
But teams' reactions are pretty gross.
www.theguardian.com/football/202...
"We are sending every soldier $1,776. Think of that, and the checks are already on the way. Nobody understood that one until about 30 minutes ago."
www.wral.com/president-tr...
www.wral.com/president-tr...
President Trump delivers special address to the nation
President Donald Trump intends to preview his agenda for next year and beyond in a live speech from the White House on Wednesday night
www.wral.com
December 18, 2025 at 3:27 AM
"We are sending every soldier $1,776. Think of that, and the checks are already on the way. Nobody understood that one until about 30 minutes ago."
www.wral.com/president-tr...
www.wral.com/president-tr...
Who says Pillar Two is dead? Keysight Technology reports a $13 million tax hit from the new OECD minimum tax in its new 10-K, out today. Text explains only that there are "a limited number of jurisdictions" in which they're seeing an effect.
www.sec.gov/ix?doc=/Arch...
www.sec.gov/ix?doc=/Arch...
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001601046/000160104625000127/keys-20251031.htm#fact-identifier-1324
<?xml version="1.0" encoding="UTF-8"?>
<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">
<html xmlns="http://www.w3.org/1999/xhtml" lang="en...
www.sec.gov
December 18, 2025 at 1:11 AM
Who says Pillar Two is dead? Keysight Technology reports a $13 million tax hit from the new OECD minimum tax in its new 10-K, out today. Text explains only that there are "a limited number of jurisdictions" in which they're seeing an effect.
www.sec.gov/ix?doc=/Arch...
www.sec.gov/ix?doc=/Arch...