this post was submitted on 14 Aug 2024
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Coca-Cola Taxes (sh.itjust.works)
submitted 4 months ago* (last edited 4 months ago) by ModerateImprovement to c/whitepeopletwitter
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https://mastodon.social/@MEActNOW/112956139620337300

News: https://www.forbes.com/sites/kellyphillipserb/2024/08/06/coca-cola-could-face-16-billion-irs-bill-after-its-tax-court-arguments-fall-flat/

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[–] [email protected] 72 points 4 months ago* (last edited 4 months ago) (4 children)

Fun fact, these back taxes are higher than the share value of the entire company (~$11bn market cap).

Edit: I was misled by this site. The cap is much larger, and my fact was not fun.

[–] [email protected] 31 points 4 months ago

Good. I hope it hurts.

[–] [email protected] 26 points 4 months ago (1 children)

But it's only back taxes on profits we know about

[–] [email protected] 14 points 4 months ago (1 children)

Sure, it might be prudent to always assume any reported white collar crimes are at least one order of magnitude greater than we get to know. That said, I was really impressed with their stock ticker company description blurb where they strive to "honor God" in all their works.

[–] [email protected] 6 points 4 months ago

Assuming they're referring to the Christian God, a selfish, emotionally unstable mega toddler, their behavior would be appropriate.

[–] [email protected] 9 points 4 months ago (1 children)

Do people upvote these comments without checking anything? Does it sound reasonable for one of the largest companies in the world to be worth only $11 billion?

The Coca-Cola Company is worth $296 billion. I don't think they've been worth only $11 billion since the '80s.

https://finance.yahoo.com/quote/KO/

[–] [email protected] 4 points 4 months ago (1 children)

I'm going to stop using this site, as it currently states a market cap of "11,091,895,682" dollars. Thanks for the correction.

[–] [email protected] 4 points 4 months ago (1 children)

That's a US bottling company that buys from the actual Coca-Cola Company.

The company was formerly known as Coca-Cola Bottling Co. Consolidated and changed its name to Coca-Cola Consolidated, Inc. in January 2019.

https://finance.yahoo.com/quote/COKE/profile/

These bottling companies are the ones that beat people up in developing countries, not the actual manufacturer. They can be confusing.

[–] [email protected] 4 points 4 months ago

You've got to be fucking kidding me.

Well, I at least stand by my earlier point, that white collar crime is usually way worse than is ever reported.

[–] explodicle 8 points 4 months ago

This sort of stuff is why the corporate veil needs to be abolished. If they're not criminals, then they can buy insurance.