Amazon pays no taxes, Tax tips for everyday people, and Kanye’s slave contract | Summary and Q&A

TL;DR

Amazon avoids taxes for two years while making billions in profits, raising questions about tax loopholes. Kanye West fights to regain control of his publishing rights through a legal battle with EMI. De La Soul faces publishing issues with Tommy Boy, leading to a boycott and calls for contract revisions.

Key Insights

• 🚕 Large corporations like Amazon utilize various techniques, such as stock-based employee compensation and tax credits, to reduce their tax liabilities.
• 😀 Musicians like Kanye West and De La Soul face challenges in regaining control over their publishing rights, revealing the complexities and issues within the music industry.

Transcript

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Questions & Answers

Q: How is Amazon able to avoid paying federal taxes for two years?

Amazon uses stock-based employee compensation and tax credits to reduce their liability, allowing them to deduct large amounts from their tax bill.

Q: What is Kanye West's legal battle with EMI about?

Kanye West is suing EMI to regain control of his publishing rights, arguing that the contract's length violates a California law limiting contract durations to seven years.

Q: What issues does De La Soul face with their music publishing?

De La Soul has no ownership rights to their music due to a 90% publishing ownership by Tommy Boy, leading to a boycott and calls for contract revisions.

Q: How are artists like Frank Ocean and ASAP Rocky navigating the music business to gain more control over their work?

Artists like Frank Ocean and ASAP Rocky have explored creative ways to gain more control over their music by releasing albums independently or signing exclusive deals with specific platforms.

Summary & Key Takeaways

• Amazon has not paid federal taxes for two years despite making billions in profits, utilizing stock-based employee compensation and tax credits to reduce their liability.

• Kanye West is suing EMI to regain control of his publishing rights, arguing that the contract's length violates a California law limiting contract durations to seven years.

• De La Soul has no ownership rights to their music due to a 90% publishing ownership by Tommy Boy, leading to a boycott and calls for contract revisions.