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The Swarm Lounge
General Investing and Economics Discussion - No Politics
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<blockquote data-quote="Deleted member 2897" data-source="post: 709997"><p><a href="https://apnews.com/66b6a574386b82357167e1d5b72fffbe" target="_blank">https://apnews.com/66b6a574386b82357167e1d5b72fffbe</a></p><p></p><p>Looks like I was reading their earnings report correctly. This is really a double whammy – because by building reserves, they actually have not lost money yet, it is only on paper. But by taking that accounting change, they are affectively reducing their net income to zero, meaning they’re not paying any income taxes right now, so the government gets hurt on that end too.</p></blockquote><p></p>
[QUOTE="Deleted member 2897, post: 709997"] [URL]https://apnews.com/66b6a574386b82357167e1d5b72fffbe[/URL] Looks like I was reading their earnings report correctly. This is really a double whammy – because by building reserves, they actually have not lost money yet, it is only on paper. But by taking that accounting change, they are affectively reducing their net income to zero, meaning they’re not paying any income taxes right now, so the government gets hurt on that end too. [/QUOTE]
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