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   DealBook: The new power brokers on taxes
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             August 4, 2022
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                  Amazon’s tax bill could balloon.
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             The bean counters who may get superpowers
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             The Senate could vote as soon as this week on a climate and tax bill that, if passed, would hand a good deal of power to an obscure group of accountants in Norwalk, Conn.
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             Yesterday a bipartisan group of former Treasury secretaries, including Hank Paulson and Timothy Geithner, endorsed the bill, the
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              Inflation Reduction Act
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             , saying it would fight inflation and address climate issues. The group also said the legislation was “financed by a prudent tax policy.”
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              Much of the bill will be funded by a 15 percent minimum tax on corporate profits.
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             That’s meant to address a longstanding problem: Many profitable companies, including giants
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              like Amazon
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             , pay little to no federal income taxes, taking advantage of legitimate tax breaks, but also using strategies that many believe are solely about avoiding taxes. The legislation would require companies that make over $1 billion in profit a year to pay no less than 15 percent of their “book income” — the amount they report to shareholders but not to the I.R.S. — in federal income taxes. That figure would be adjusted for various factors, including foreign taxes and R.&amp;D. credits.
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              Here’s where the accounting officials come in.
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             Nearly 50 years ago, the S.E.C. gave responsibility for writing and updating its “generally accepted accounting principles,” which determine how quarterly and annual profits are calculated, to the
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              Financial Accounting Standards Board
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             , a private organization funded by corporations and overseen by a nonprofit group, the Financial Accounting Foundation. F.A.S.B. — which those in the know pronounce “fazbie” — is run by a
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              seven-member board
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             of accountants and professional investors. Under the new tax regime, one way to tweak corporate America’s tax bill would be to get F.A.S.B. to rewrite how companies calculate their profits, which is squishier than you might think.
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             So what do we know about the accounting rule makers and the leaders of the foundation that oversees them, who could all of a sudden have a big say in tax policy?
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              <span style="font-size:17px;line-height:25px">
               <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
                They are politically connected.
               </span>
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Kathleen Casey
               </a>
               , who is the head of the nominating committee for F.A.S.B.’s board members, is a former S.E.C. commissioner and a former chief of staff for Senator Richard Shelby, Republican of Alabama, who has long called for lower taxes for corporations and the wealthy.
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              <span style="font-size:17px;line-height:25px">
               <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
                They are well compensated.
               </span>
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Richard Jones
               </a>
               , a former top executive of the accounting firm Ernst &amp; Young who left it to be the chair of F.A.S.B., was paid a base salary of $1 million last year, according to a tax filing.
              </span>
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              <span style="font-size:17px;line-height:25px">
               <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
                They are not diverse.
               </span>
               The board is made up of four white men and three white women. A spokesman for F.A.S.B. told DealBook that the organization, which was founded in 1973, has never had a board member of color.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              F.A.S.B.’s chair has previously opposed a minimum corporate tax.
             </span>
             Last year, Jones
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              said in a speech
             </a>
             that he was against basing a minimum corporate tax on book income. He said the group’s role was to set accounting rules that best convey the health of a company. Using book income to determine tax payments would inject public policy into financial accounting, Jones said, making it hard for his organization to do its job. “It would be an additional pressure, there’s no doubt, on our mission and what we do,” he said.
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            <h3 class="css-132hdgt e8bxl341" style="color:#000;font:700 16px/24px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
             HERE’S WHAT’S HAPPENING
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Walmart is cutting corporate workers.
             </span>
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              About 200 jobs
             </a>
             will be eliminated, including in merchandising, global technology and real estate. Walmart said it was investing in other areas and adding new positions. Warner Bros. Discovery is also reportedly planning
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              layoffs and a restructuring
             </a>
             months after it was formed in a merger, and Credit Suisse may
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              lay off thousands
             </a>
             as it seeks to cut costs by $1 billion.
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              Taiwan scrambles to reroute commercial air and sea traffic.
             </span>
             China, retaliating against its neighbor for allowing Speaker Nancy Pelosi to visit this week,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              fired missiles
             </a>
             into waters off Taiwan and created an effective blockade that risks
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              shattering a fragile peace
             </a>
             in the region. In South Korea today, Pelosi
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              avoided direct comments
             </a>
             about China and Taiwan.
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              Stocks snap back from a losing streak.
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             The major indexes all
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              made gains
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             yesterday, with the S&amp;P 500 up 1.6 percent and the Nasdaq Composite gaining 2.6 percent. Analysts pointed to robust earnings and a report showing that the U.S. services sector continued to expand in July. Stock
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              futures are flat
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             this morning.
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              The Bank of England announces its biggest interest rate increase since 1995.
             </span>
             It raised its rate by
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              half a percentage point
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             this morning, and forecast that the annual rate of inflation would top 13 percent when household energy bills climb in October. That would be Britain’s highest level of inflation in 42 years.
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              Coal is hot again?
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             Profits at the coal company Glencore more than doubled to a
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              record $18.9 billion
             </a>
             in the first half of the year, as the Ukraine invasion strained energy prices and slowed green transition plans. But U.S. coal industry advocates are concerned that a looming climate and tax deal would
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              shrink coal production
             </a>
             and the value of coal assets without providing an adequate substitute.
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             A subpoena blitz in Twitter vs. Musk
            </h2>
           </td>
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         </tbody>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Yesterday, Twitter and Elon Musk sent out another blast of subpoenas as they rev up into the discovery mode of their legal battle. Among those Musk subpoenaed were Goldman Sachs and JPMorgan Chase, the banks advising Twitter on its deal to sell itself to Musk. And Twitter, for its part, has sent subpoenas to several people in Musk’s inner circle,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              as it investigates when — and how —
             </a>
             he decided to abandon the deal.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Here’s a look at just some of those on Musk’s side,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              including much of the PayPal mafia,
             </a>
             who were put on notice.
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              David Sacks:
             </span>
             The venture capitalist and founding chief operating officer of PayPal
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              tweeted
             </a>
             that he had received a subpoena asking for more information on his tweets about the deal. Sacks co-hosted
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              a conference in May
             </a>
             at which Musk expressed one of his first concerns about Twitter’s bots and implied that he might want a deal at a lower price. And Sacks spoke about the deal on
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Megyn Kelly’s podcast
             </a>
             . A spokeswoman for Sacks did not have a comment.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Joe Lonsdale:
             </span>
             “I have nothing to do with this aside from a few snarky comments, but got a ‘YOU ARE HEREBY COMMANDED’ document notice,” the co-founder of Palantir
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              tweeted
             </a>
             .
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
             </span>
             On CNBC
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              in June,
             </a>
             Lonsdale said: “Elon was probably pretty shocked to see they don’t actually know these numbers. And it’s pretty scary to buy something when you don’t know the numbers.” He also noted the broader market decline since the deal was struck, but said he had not discussed this point with Musk. A spokeswoman for Palantir did not respond to a request for comment.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Founders Fund:
             </span>
             The venture firm is led by Peter Thiel, who also helped found PayPal and Palantir and has called himself a
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              good friend
             </a>
             of Musk. Thiel did not invest in Musk’s Twitter deal, but it is possible that Twitter suspects that Musk, at the very least, spoke to him about it. A spokeswoman for Thiel did not respond to a request for comment.
            </p>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Also on the list: The
             </span>
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Linda Ye and Robin Ren Family Foundation
             </span>
             (Robin Ren is a former top
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Tesla executive
             </a>
             );
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Tesla
             </span>
             and
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              SpaceX
             </span>
             , both companies that Musk runs;
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Brookfield
             </span>
             , which committed equity to the deal;
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Ken Griffin
             </span>
             , the billionaire founder of Citadel; and dozens of others.
            </p>
           </td>
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           <td align="left">
            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             “Mr. Jones, did you know that 12 days ago, your attorneys messed up and sent me an entire digital copy of your entire cellphone with every text message you’ve sent for the past two years?”
            </h2>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              — Mark Bankston, a lawyer for families of Sandy Hook shooting victims who are suing the conspiracy theorist Alex Jones for defamation, in
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               a cross-examination
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              yesterday.
             </span>
            </p>
           </td>
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Birdies, bogeys and antitrust
            </h2>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Eleven golfers on the
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Saudi-financed LIV Golf series
             </a>
             challenged their suspensions from the PGA Tour yesterday in
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              an antitrust lawsuit
             </a>
             that reflects growing pressure to give athletes more autonomy. The suit argues that the PGA Tour is unfairly controlling players with anti-competitive restraints to protect its longstanding monopoly on professional golf.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             “We’ve brought this action on behalf of professional golfers to vindicate their rights to play where and when they choose and to ensure professional golf innovates and grows,” John Quinn of Quinn Emanuel, one of the plaintiffs’ lawyers, said in a statement to DealBook.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The LIV Golf circuit is bankrolled by the sovereign wealth fund of Saudi Arabia.
             </span>
             It poached several prominent players from the PGA Tour with mammoth upfront payments and appearance fees. Phil Mickelson, a six-time major-tournament winner, reportedly received $200 million. The circuit has become
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              a lightning rod for human rights campaigners
             </a>
             who accuse Saudi Arabia of using sports to launder its reputation.
            </p>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The Tour is “an entrenched monopolist with a vice-grip on professional golf,”
             </span>
             the complaint argues. Before LIV Golf’s recent entry on the scene, elite golfers “had no meaningful option” but to work with the Tour, according to the athletes’ lawyers. Now that LIV is luring them with big prizes, the Tour is punishing those “who have the temerity to defy the Tour and play in tournaments sponsored by the new entrant,” they argue.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The Tour may argue that the renegade golfers are “free-riding.”
             </span>
             The organization has invested time and money and given golfers a platform to build their careers, said K. Craig Wildfang, an antitrust law expert and a former special counsel to the Justice Department’s antitrust division. Wildfang, who is not involved in the case, says it could potentially take years to resolve. The PGA Tour did not respond to DealBook’s request for comment.
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              Athletes may have the wind at their backs.
             </span>
             The pro golfers argue that the Tour’s illegal restrictions limit their ability to earn, a sentiment reflected in similar challenges playing out in other sports. Members of the U.S. women’s soccer team sued the country’s soccer federation for gender discrimination,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              scoring a settlement
             </a>
             this year.
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              Student athletes
             </a>
             have been chipping away at an N.C.A.A. payments ban, and swimmers have been
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              fighting an antitrust battle
             </a>
             against their sport’s governing body.
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              <span style="font-size:17px;line-height:25px">
               Robinhood’s C.E.O.
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                dismissed acquisition talk
               </a>
               after an announcement of job cuts sent its stock higher. (Reuters)
              </span>
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              <span style="font-size:17px;line-height:25px">
               The start-up TripActions is reportedly close to
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                confidentially filing
               </a>
               for an I.P.O. (Bloomberg)
              </span>
             </li>
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              Policy
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              <span style="font-size:17px;line-height:25px">
               Gov. Gavin Newsom is using Hollywood concerns over new abortion restrictions in other states to get studios to
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                do more business
               </a>
               in California. (LA Times)
              </span>
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              <span style="font-size:17px;line-height:25px">
               The E.U. is
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                reportedly investigating
               </a>
               the Google Play store for antitrust violations. (Politico)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               “Why America’s Chinese
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Tech Ban
               </a>
               Didn’t Stick” (NYT)
              </span>
             </li>
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              Best of the rest
             </span>
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            <ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Recession concerns and decreased viewing have
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                wiped out nearly $400 billion
               </a>
               in value for large media companies. (FT)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Triller, a TikTok wannabe,
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                promised millions
               </a>
               to Black creators but has paid them erratically. (WaPo)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Podcast guests are paying
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                up to $50,000
               </a>
               to appear on top shows. (Bloomberg)
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Jeff Bezos’ megayacht was towed away from a Dutch shipyard after getting
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                egging threats
               </a>
               . (NY Post)
              </span>
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               David F. Gallagher
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              contributed to today’s DealBook.
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