Nike says it's paid over $9 billion in taxes since 2016
As the Biden administration floats the likelihood of higher corporate taxes, big companies like Nike (NKE) have come under fire from a number of politicians — including Sen. Bernie Sanders — for not paying their fair share.
In a statement given to Yahoo Finance, the Swoosh brand says it pays federal, state, and local taxes.
“NIKE, Inc. is a global business with 73,000 employees and we comply with tax laws everywhere we do business. NIKE is paying significant U.S. federal, state, and local direct and indirect taxes every year. In fact, including customs duties, Nike has paid more than $9.1 billion in U.S. taxes since 2016," the statement read.
The statement went to cite the its tax obligations and contributions: "NIKE’s tax obligations in the U.S. are based on several factors, including the investments made in the U.S., which fuel growth around the world, and changes in tax law resulting from the Tax Cuts and Jobs Act of 2017. NIKE is paying $1.1 billion in transition taxes through 2025 imposed by the Tax Cuts and Jobs Act of 2017. To date, NIKE has paid nearly $300 million of those transition taxes.”
On April 2, Sanders called out Nike for allegedly paying $0 in federal taxes for three years.
If you paid $120 for a pair of Nike Air Force 1 shoes, you paid more to Nike than it paid in federal income taxes over the past 3 years, while it made $4.1 billion in profits and Nike's founder, Phil Knight, became over $23 billion richer. Yes. We must #TaxTheRich.
— Bernie Sanders (@BernieSanders) April 2, 2021
Reggie Wade is a writer for Yahoo Finance. Follow him on Twitter at @ReggieWade.
Read more:
NFL players team up with Goalsetter to teach kids financial literacy
‘There’s just so much energy around the sneaker market:’ Footlocker CEO on company’s growth
ArtGrails debuts NFT of Diamond Supply Co. & Nike Tiffany SB Dunks
Nike and other Western brands are likely to remain under a microscope in China: Cowen
Stimulus checks ignite spending in athletic footwear and apparel: BofA
Nike’s brand strength is much higher now, even with earnings miss: Analyst