On Wednesday, former hedge fund manager known as the “Pharma Bro,” Martin Shkreli, pushed back on Sen. Elizabeth Warren’s (D-Mass.) accusations that several major U.S. corporations paid no federal income tax.
Warren Targets Major US Corporations
Warren took to X and said that if taxpayers paid even a small amount in federal income tax last year, they contributed more than several large companies, including Tesla Inc. (NASDAQ:TSLA), Walt Disney Co. (NYSE:DIS), Palantir Technologies (NASDAQ:PLTR), CVS Health (NYSE:CVS), Citigroup (NYSE:C) and others.
She argued that despite generating billions in revenue, these firms effectively paid “$0” in federal income taxes and called for reforms to ensure corporations “pay their fair share.”
Shkreli Pushes Back With SEC Data
Shkreli disputed the allegations, arguing that Warren conflated accounting figures with actual cash payments.
“This is false,” he wrote on X, pointing to Disney’s SEC filings showing billions in income taxes paid over recent years.
According to Disney’s cash flow disclosures, the company reported income taxes paid of $1.22 billion in 2025, $3.96 billion in 2024 and $1.19 billion in 2023.
“This is your problem. You don’t know facts and shoot from the hip,” Shkreli said.
Tesla Tax Debate Intensifies
Warren separately said Elon Musk’s Tesla paid $0 in federal income taxes in 2025 despite reporting $5.7 billion in earnings.
Shkreli countered that Tesla’s position reflects legal deductions, including net operating losses and stock-based compensation, not recent legislation alone.
He also noted that clean energy tax credits under the Inflation Reduction Act further affect Tesla’s effective tax burden.
Tesla, Disney and Palantir did not immediately respond to Benzinga’s request for comments.
Robert Reich Cites Report: Tesla Income, Zero Federal Tax Liability
Previously, former U.S. Labor Secretary Robert Reich cited an analysis from the Institute on Taxation and Economic Policy, which found that Tesla reported about $5.7 billion in U.S. pre-tax income while showing no current federal income tax liability for 2025.
Tesla’s filings indicate that the company does pay taxes in multiple jurisdictions globally, and the “zero” figure refers specifically to its current U.S. federal income tax obligation.
Supporters of the system argue these outcomes reflect deliberate tax incentives designed to promote investment and innovation. Critics, however, say the structure allows highly profitable corporations to significantly reduce or even eliminate their federal tax bills under existing law.
Price Action: Disney closed at $103.04, up 0.43%, before edging down 0.17% in after-hours trading to $102.86, while Tesla surged 7.63% to $391.95 before gaining another 0.41% after hours to $393.57, according to Benzinga Pro.
TSLA ranks in the 68th percentile for Quality on Benzinga Edge, reflecting negative performance across short, medium and long-term trends.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Maverick Pictures via Shutterstock
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