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SpongeBob And Transformers Cost US Taxpayers $4 Billion, Says Study
Julia Banim
A new study has found that
SpongeBob Squarepants and
Transformers have cost US taxpayers a whopping $4 billion.
This report, published Tuesday, June 1, by the Centre for Research on Multinational Corporations, details ViacomCBS’s use of a tax shelter set up so that the company can avoid paying billions of dollars worth of taxes in several countries.
ViacomCBS is known to be one of the world’s leading content producers, with franchises including the likes of
SpongeBob Squarepants, Transformers, Mission: Impossible, and
Star Trek.
Nickelodeon
ViacomCBS reaches approximately 700 million consumers in more than 180 countries worldwide, with around 24% of its total revenue coming from content that is licensed outside the North American market.
ViacomCBS is engaged in an elaborate, sketchy effort to hide, funnel and move around money in an apparently successful attempt at avoiding paying almost four billion in taxes.