Coca-Cola Co. said Friday it will pay $6 billion in back taxes and interest to the Internal Revenue Service while it appeals a final federal tax court decision in a case dating back 17 years.
The Atlanta beverage giant said it will continue to fight and believes it will win the legal dispute stemming from taxes and interest the IRS maintains the company owes from 2007, 2008 and 2009.
U.S. Tax Court Judge Albert Lauber on Friday issued a two-sentence decision and order ending his look at the case. The dispute reached court in December 2015, shortly after the company said it notified the IRS that it owed $3.3 billion more in federal taxes and interest for those three years.
I’m a Fiscally Responsible Republican and this is HORRIBLE and SAD for Coca Cola! They should be able to KEEP that 6BILLION dollars! We should instead Tax HOMELESS PEOPLE and SINGLE MOTHERS instead!
UNRELATED to this but THANK YOU REPUBLICANS for BLOCKING Child Tax Credits and Free School Lunches for Starving Children. We just DON’T have it in the Budget!
Sounds like maybe we should nationalize the Coca-Cola company.
I’m just kiddding! This is America! We don’t do sensible things with corporations.
Not like they put out quality products. Shut em down and buy some small cola shops out instead
You would have riots on your hand if people couldn’t get their Coca-Cola.
I am not joking.
When Coke changed its formula in the 80s, people were getting so pissed that it was actually kind of getting dangerous. Like executives were getting death threats and newspapers were saying they did it because they were secretly controlled by the USSR.
Addictive? Nonsense
Ironically, more so now that there is not cocaine in it.
-cocaine
+sugar
Worse than regular cane sugar too. Unless you’re importing it from Mexico, it’s sweetened with HFCS.
high yield hfcs
Its even more concentrated
This is the first I’ve heard about this. Anyone able to speculate on how hopeful Coke should be for a successful appeal?
Im no expert, but I do know that the US seems to be going after taxes from the wealthy rn. A determined IRS probably has the standing to keep the money, at least most of it.
Given the antitrust suits also coming up the last year or so, id say more is coming, too.
Lina Khan is fantastic
Only if they can afford to appeal all the way up to the Supreme Court. Then they just have to buy the decision they want.
No no no, they don’t buy it, that’s a bribe. They politely ask one of the judges they meet while playing golf to watch their house while they’re on vacation and then after the judge rules in their favor they give them a billion dollars for having watched the house as a thanks for the favor.
So to paraphrase if I got this right…
Coke did taxes way A for years. IRS changed the rules but coke didn’t change how they did it for those 3 years and then coke realized they owed 3.3b more?
They’re disputing the new rules and saying the new rules don’t apply as the IRS suggests?
In the meantime there’s 2.7b in interest?
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If you have any questions or comments about me, you can make a post to LW Support lemmy community.The Associated Press is “Left Center”. The AP.
