Sign in

Matthew Gardner

@mindthegaap.bsky.social
619 followers 166 following 1K posts

I work with the fine folks at @itep.org. State/fed tax policy, corporate tax, financial accounting, reverse engineering the perfect mapo tofu, go Washington Spirit. Glass half empty but trying to fill it.

PostsRepliesMedia
Matthew Gardner @mindthegaap.bsky.social · 30/09/2026
Good stuff from @kashhill.bsky.social on Meta's continued enthusiasm for living in the grey areas of the tax law. The company appear to be claiming the R&D credit for supplies purchased for use in its data center spending. Two numbers worth front-loading for this: $2.8 billion and 3.6%.
132
Matthew Gardner @mindthegaap.bsky.social · 24/09/2026
Didn't expect to see Cracker Barrel on the list of companies getting Trump tariff refund checks in the mail from American taxpayers, but here we are: on CB's quarterly earnings call, an exec says their 2026 refund is $15 million. So... what are they doing with it? seekingalpha.com/article/4949...
seekingalpha.com
110
Matthew Gardner @mindthegaap.bsky.social · 24/09/2026
Thor Industries makes RV's, including the iconic Airstream. They also make bank, courtesy of American taxpayers. Thor just released its FY26 annual report, which gives the first clean look at how last year's Trump tax cuts affect the company. It shows a zero % tax rate on $160 million of US income .
140
Matthew Gardner @mindthegaap.bsky.social · 08/09/2026
Brinker International, parent corporation of Chili's, reports a surprisingly low 5% federal tax rate, on $579 M of income, in their just-released FY26 annual report. Brinker's tax rate is affected by how it treats its workers and its executives, in opposite ways. (1/x) www.sec.gov/ix?doc=/Arch...
sec.gov
XBRL Viewer
112
Matthew Gardner @mindthegaap.bsky.social · 06/09/2026
Didn’t have “outdoor screening of Scarface at the Lincoln Memorial” on my dance card when I took the dog there last night but there it was. www.eventbrite.com/e/can-i-kick...
eventbrite.com
CAN I KICK IT? Outdoor Movie Series: “Scarface"
The CAN I KICK IT? Outdoor Movie Series concludes on Sept 5 with a screening of the cult classic film "Scarface" at the Lincoln Memorial.
100
Matthew Gardner @mindthegaap.bsky.social · 04/09/2026
A really straightforward criticism of the R&D tax credit is that it rewards companies for spending money on basically any kind of research. The research doesn't have to be socially useful, and can even be destructive. Case in point: the Light & Wonder corporation. (1/x) itep.org/lawmakers-se...
itep.org
Lawmakers Seek to Extend Tax Break for “Research” that Corporations Use to Develop Frozen Foods, New Beer Flavors, Casino Games and Tax Avoidance
If Congress creates a tax break to encourage businesses to conduct research that benefits society, should Netflix be eligible for…
210
Matthew Gardner @mindthegaap.bsky.social · 31/08/2026
Seems quaint now that I was astonished 6 months ago by Nvidia's blockbuster 2025 earnings: $123 billion. This was notable b/c even at a not-terrible 15.5% federal effective tax rate, the company avoided $6.8 billion of tax for the year. But then came last week's *quarterly* earnings: $71 billion.
100
Matthew Gardner @mindthegaap.bsky.social · 31/08/2026
Trinity Rodman is so totally back. She was just toying with defenders today. #washingtonspirit
040
Matthew Gardner @mindthegaap.bsky.social · 28/08/2026
This isn't why I was looking at Chevron's latest quarterly earnings report, but was struck by the fact that both the CEO and CFO refer, in their oral presentations during the earnings call, to the company's activities in the "Gulf of America." www.fool.com/earnings/cal...
fool.com
Chevron (CVX) Q2 2026 Earnings Call Transcript | The Motley Fool
Record U.S. production and $8.4B debt reduction drive strong results.
110
Matthew Gardner @mindthegaap.bsky.social · 25/08/2026
I can’t not try something like this when I see it. Just in case it is the ur- pad Thai.
010
Matthew Gardner @mindthegaap.bsky.social · 18/08/2026
It's been more than a year since Home Depot execs said publicly that they wouldn't pass Trump tariffs on to consumers in the form of higher prices. They said this after Trump publicly berated Wal Mart execs for admitting that tariffs would boost retail prices. www.cbsnews.com/amp/news/wal...
cbsnews.com
Home Depot says it's keeping prices steady after Trump berates Walmart
Home Depot is eschewing price hikes related to tariffs as President Trump warns companies against raising consumer prices.
122
Matthew Gardner @mindthegaap.bsky.social · 13/08/2026
The dog is sadly not the only member of the family to doze off in the presence of Robert Fagle’s Odyssey translation this week.
010
Matthew Gardner @mindthegaap.bsky.social · 09/08/2026
This was a heck of a match. Hal's stoppage-stop shot off the post felt like destiny... until it didn't go in. Great comeback for a team depleted by African Cup of Nations. Being a #2 seed instead of #1 for playoffs obv deprives you of the Shield and player bonuses, but not otherwise meaningful.
000
Matthew Gardner @mindthegaap.bsky.social · 09/08/2026
Struggling to understand the accounting for companies that purchase and use transferable tax credits from Inflation Reduction Act. Navient 2025 10-k should be a really clean example and somehow it's not. They buy $25M of credits at a $2M discount and use all $25M. (1/3) www.sec.gov/ix?doc=/Arch...
sec.gov
https://www.sec.gov/ix?doc=/Archives/edgar/data/1593538/000119312526076753/navi-20251231.htm#fact-identifier-1272
<?xml version="1.0" encoding="UTF-8"?> <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd"> <html xmlns="http://www.w3.org/1999/xhtml" lang="en...
100
Matthew Gardner @mindthegaap.bsky.social · 06/08/2026
@jessedrucker.bsky.social drops some interesting stuff on the shoe company Crocs: its Maltese subsidiary appears to be responsible (on paper) for 100% of its worldwide income last year, in what he describes as a "two person office." www.nytimes.com/2026/08/05/b...
nytimes.com
How Malta Became a Tax Haven for Crocs and Other U.S. Companies (Gift Article)
The Mediterranean archipelago is a hot destination for U.S. companies seeking to shield profits from income taxes.
133
Matthew Gardner @mindthegaap.bsky.social · 05/08/2026
Big day for tax-related ballot measures yesterday. 1) Missouri voters overwhelmingly reject measure that would authorize personal income tax repeal 2) Florida court rules that November ballot measure cutting property tax is described, on ballot, in a misleading way & must be changed before election
100
Matthew Gardner @mindthegaap.bsky.social · 03/08/2026
In one important way, the new detailed FASB corporate tax disclosures can be LESS detailed than the old stuff. Example: Hyster-Yale (which makes forklifts). Last year they disclosed FDII/GILTI/BEAT separately. Now all in one "effect of cross border tax laws" category. www.sec.gov/ix?doc=/Arch...
sec.gov
XBRL Viewer
100
Matthew Gardner @mindthegaap.bsky.social · 01/08/2026
Fun opioid settlement tax puzzler: Albertsons took a FY26 charge of "$773.8 M ($599.8 M net of tax)" for opioid settlement. They say "first payment of $136.6 M is expected to be made on April 30, 2026." FY26 ends 2/26. None paid, ergo none is deductible in FY26. (1/2) www.sec.gov/ix?doc=/Arch...
sec.gov
XBRL Viewer
101
Matthew Gardner @mindthegaap.bsky.social · 31/07/2026
Great thread from @dsmitch28.bsky.social summarizing a terrific paper here. And *such* a great one-sentence summary of where we are fiscally as a nation.
010
Matthew Gardner @mindthegaap.bsky.social · 31/07/2026
No jaw-dropping revelations from a Jeff Tweedy cover of "Tom Sawyer" other than that I would do this ALL THE TIME if I had the skillz. open.substack.com/pub/jefftwee...
open.substack.com
Tom Sawyer (Rush cover)
Rush is fucking great
000
Matthew Gardner @mindthegaap.bsky.social · 31/07/2026
Microsoft's new financial report is also notable b/c its bean-counters appear to have abruptly forgotten how to count. Just a month ago they disclosed, in a European Union filing, having 201 subsidiaries scattered around the world. This week they told American shareholders they have a total of 8.
static.klipy.com
Sesame Street: The Count Laughs
ALT: Sesame Street: The Count Laughs
143
Matthew Gardner @mindthegaap.bsky.social · 31/07/2026
Wrote about Microsoft's new disclosure of a super-low 2.4% tax rate on its 2026 U.S. profits here. Since I've been asked: this is *not* the biggest single-year profit I've ever seen from a US multinational corporation. 2 others (Nvidia at $123 B and Alphabet at $141 B) beat them this year. (1/3)
133
Matthew Gardner @mindthegaap.bsky.social · 25/07/2026
Not surprising to see House GOP ready to take away the rights of DC residents to make tax changes. But why on earth is Doordash supporting this profoundly anti-democratic legislation? Because of something more important than self-determination: a 20 cent Doordash delivery fee.
130
Matthew Gardner @mindthegaap.bsky.social · 23/07/2026
Nothing to see here, just House Republicans attempting to take away all taxing power from a jurisdiction bigger than Vermont or Wyoming. itep.org/congressiona...
itep.org
Congressional Republicans Say D.C. Shouldn’t Be Allowed to Run Its Own Tax System
This week a U.S. House of Representatives committee approved a bill that would effectively take away Washington, D.C.’s fiscal autonomy, requiring Congressional approval of any new D.C. laws that incr...
121
Matthew Gardner @mindthegaap.bsky.social · 22/07/2026
WaPo picking up @richardrubindc.bsky.social 's big story from last week, which really should be drawing more attention. Trump appears to be doing exactly what Nixon did 50 yrs ago: ordering IRS audits of his political enemies & firing those who object to this. www.washingtonpost.com/business/202...
washingtonpost.com
Democrats demand probe into ouster of IRS lawyer who reportedly clashed with White House
The lawyer, Kenneth Kies, was forced out after raising concerns about White House involvement in tax audits, according to the Wall Street Journal.
030
Matthew Gardner @mindthegaap.bsky.social · 17/07/2026
All true. But our housing shortages are also hyper-local, as the NIMBY acronym hints. My neighborhood, just 2 miles from the building in which this law was passed, will remain underdeveloped as long as locals uncritically prioritize "historic preservation" claims over housing as a human right.
020
Matthew Gardner @mindthegaap.bsky.social · 17/07/2026
This is, not to state the obvious, the difference b/t 1st-term and 2nd-term Trump. In the first term, a high-ranking Administration official could point out that a Trump idea was illegal and sometimes the idea would be abandoned. This term, the official gets fired. www.wsj.com/politics/pol...
wsj.com
Exclusive | Top Treasury Tax Official Ousted After Clashes With White House Over IRS Audits
Kenneth Kies warned that political officials risked breaching a law that limits who can influence tax enforcement.
130
Matthew Gardner @mindthegaap.bsky.social · 17/07/2026
Two ships passing in the night: just as Trump's Treasury is calling corporate tax disclosure "very dangerous," Sen. Chris Van Hollen reminds us that danger is his middle name, introducing a bill that would mandate country by country disclosure for US corporations. itep.org/new-legislat...
itep.org
New Legislation Would Require Big Multinationals to Tell Shareholders Where They’re Hiding Offshore Profits
Sen. Chris Van Hollen introduced legislation requiring big multinational corporations to tell shareholders and the public what they’re already telling tax authorities behind closed doors: how much inc...
130
Matthew Gardner @mindthegaap.bsky.social · 17/07/2026
This seems incredibly bad. @wsj.com reports that Ken Kies, certainly one of the best tax policy brains remaining at Treasury, was forced out because he pushed back against Trump administration attempts at politically motivated IRS audits. www.wsj.com/politics/pol...
wsj.com
Exclusive | Top Treasury Tax Official Ousted After Clashes With White House Over IRS Audits
Kenneth Kies warned that political officials risked breaching a law that limits who can influence tax enforcement.
153
Matthew Gardner @mindthegaap.bsky.social · 13/07/2026
With all due respect for the men's side who had some great moments in this year's WC, what I'm really looking forward to watching @uswnt.ussoccer.com at the 2027 World Cup in Brazil. And this fall's friendly against Spain in DC!
011
Matthew Gardner @mindthegaap.bsky.social · 13/07/2026
So here's a fun* thing about the new EU country-by-country tax reports Microsoft etc are now filing. In these reports, the companies appear to be telling a truth about a thing they don't come clean about in their usual reports to shareholders: subsidiaries in tax havens. *tax policy sense of 'fun'
131
Matthew Gardner @mindthegaap.bsky.social · 10/07/2026
This is hysterical. Trump administration tells a roomful of European policymakers something is "very dangerous" and it's not rising sea levels or the Strait of Hormuz or our woefully-understaffed air traffic control system: it's public corporate tax disclosure. news.bloombergtax.com/daily-tax-re...
news.bloombergtax.com
Public Tax Transparency Rules ‘Very Dangerous,’ US Official Says
New tax reporting rules in the European Union for multinationals deter growth and risk creating a “culture of damnation,” according to a US official.
1114
Matthew Gardner @mindthegaap.bsky.social · 01/07/2026
Tapestry corporation (which makes Kate Spade handbooks and Coach stuff) discloses, in its first-ever country-by-country report to the EU, "earning" $650 million in the British Virgin Islands despite having zero employees and zero sales there. tapestry.gcs-web.com/static-files...
tapestry.gcs-web.com
200
Matthew Gardner @mindthegaap.bsky.social · 01/07/2026
We're only a day into the new EU country-by-country reporting regime, but it's already yielding some fun results beyond Microsoft's mega-productive Irish employees. Parker Hannifin discloses $47 million of Luxembourg profits, generated by a total of zero Luxembourg employees. 9.5% tax rate.
parker.com
010
Matthew Gardner @mindthegaap.bsky.social · 30/06/2026
Western Digital appears to be following Microsoft's Irish low-tax recipe. Just 27 of the company's worldwide employee are in Ireland, but they cranked out $400 million in earnings last year, fully 25% of the company's worldwide income. investor.wdc.com/static-files...
investor.wdc.com
001
Matthew Gardner @mindthegaap.bsky.social · 30/06/2026
Oh boy! Microsoft has published its first country-by-country public data on EU income and tax. This is the first taste we're getting, from the new EU rules anyway, of how the big tech companies are using countries like Ireland. cdn-dynmedia-1.microsoft.com/is/content/m...
cdn-dynmedia-1.microsoft.com
131
Matthew Gardner @mindthegaap.bsky.social · 24/06/2026
Ha: Alexis Lalas, says @theguardian.com, "would absolutely dominate karaoke night at a conference on infrastructure finance." www.theguardian.com/football/202...
theguardian.com
The French aristocrat and the all-American idiot: Henry v Lalas is the World Cup’s most compelling battle
Fox’s broadcast at the tournament has become a story of two contrasting styles. And there is one clear winner
010
Matthew Gardner @mindthegaap.bsky.social · 16/06/2026
Was hoping @theguardian.com would do this again and here it is: their quadrennial guide to every single player in this year's World Cup. Total madness but a great way to familiarize yourself with the dreamers. Also, support independent media! www.theguardian.com/football/ng-...
theguardian.com
World Cup 2026: guide to all 1,248 players
Everything you need to know (and more) about every squad member. Click on the player pictures for more information
000
Matthew Gardner @mindthegaap.bsky.social · 16/06/2026
$1.9 billion in dubious tax breaks is not a small number. It's just getting crowded out of the sunlight by all the budgetary tall trees in the SpaceX IPO. Musk's SpaceX claimed $1.9 B of tax breaks they thought tax authorities would disallow on audit, and then Musk used DOGE to dismantle the IRS.
023
Matthew Gardner @mindthegaap.bsky.social · 11/06/2026
Venality takes many forms, & public attention to the impending SpaceX IPO has largely focused on the absurdly high valuation Musk has attached to this company. But, as is always the case, there's a tax angle too. SpaceX has $1.9 billion in uncertain tax benefits. www.theguardian.com/science/2026...
theguardian.com
SpaceX heads for record $1.78tn float amid fears it is overvalued
Analysts say IPO that could make Elon Musk the world’s first trillionaire has a ‘major disconnect’ on price
101
Matthew Gardner @mindthegaap.bsky.social · 10/06/2026
Surely I'm not the only person who immediately thought "well of COURSE they picked the lead singer of AC/DC to run the Consumer Finance Protection Bureau." www.reuters.com/world/us/bri...
reuters.com
Brian Johnson picked by White House to head consumer watchdog
The ​White ‌House has sent ​Brian ​Johnson's nomination ⁠for ​director ​of Consumer Financial Protection ​to ​the U.S. ‌Senate, ⁠according to a notice ​published ​on ⁠Wednesday.
010
Matthew Gardner @mindthegaap.bsky.social · 21/05/2026
There is, as they say, no bingo card I will ever see that would have "Jeff Bezos goes on TV to criticize 'corporate welfare" on it. The man is the human embodiment of tax avoidance, and the company he founded owes its dominance to successfully leveraging the tax system. www.cnbc.com/2026/05/20/c...
cnbc.com
CNBC Exclusive: Transcript: Jeff Bezos Speaks with CNBC’s Andrew Ross Sorkin on “Squawk Box” Today
4116
Matthew Gardner @mindthegaap.bsky.social · 09/05/2026
Didn’t know: before Senators were directly elected by voters, the state legislatures whose job it was to select them would sometimes fail to do so for years at a time, meaning that some states would be entirely without representation in the US Senate. jlepore.scholars.harvard.edu/publications...
jlepore.scholars.harvard.edu
110
Matthew Gardner @mindthegaap.bsky.social · 07/05/2026
Call me a Pollyanna, but I would have guessed that an art form as organic and inclusive-spirited as EDM wouldn’t have as egregious a gender imbalance as the population of Fortune 500 CEO’s. <15% of DJ headliners and producers are women. youtu.be/4xQ-sghgLZ0?...
youtu.be
What The Data Really Says About Electronic Music in 2026
YouTube video by International Music Summit
010
Matthew Gardner @mindthegaap.bsky.social · 30/04/2026
This was really nice to see-- and hear. Sullivan missed the '24 playoffs with an ACL tear, then was gone all last season on maternity leave. The Audi crowd did not forget her.
000
Matthew Gardner @mindthegaap.bsky.social · 29/04/2026
I like "the Argument." Fun, thoughtful podcast. And so I'm gonna assume that one of their interns ghost-wrote this piece, which argues that we shouldn't be mad about profitable airlines paying no federal income tax because they collect the 7.5% ticket tax. www.theargumentmag.com/p/the-new-yo...
theargumentmag.com
The New York Times has a culture problem
A verdict on the week — plus the week's top stories.
110
Matthew Gardner @mindthegaap.bsky.social · 17/04/2026
Really dispiriting to see how far the @washingtonpost.com editorial board has fallen. Casual insults, totally misleading use of IRS migration statistics. The obv question is, what craziness would the WSJ editorial board say on this topic that the Post hasn't? www.washingtonpost.com/opinions/202...
washingtonpost.com
Opinion | Maine’s race to the top on taxes
After opposing similar tax hikes in her state, Janet Mills is supporting a millionaires tax for Maine as she runs against Graham Platner in the Senate primary.
100
Matthew Gardner @mindthegaap.bsky.social · 24/03/2026
S**t like this almost makes me want to embark on an experiment parallel to “Super Size Me” where I just buy every single thing Wirecutter tells me to for a year, and buy it on Amazon just like they tell us to and just see what kind of human I become. It would be gross. Peak consumerism here.
110
Matthew Gardner @mindthegaap.bsky.social · 11/03/2026
It's important to admit when you're wrong. And I was wrong to express skepticism about the Yum! corporation's use of $86 million in R&D tax breaks last year. At the time, I didn't appreciate just how innovative the fast-food giant could be with their new menu offerings. itep.org/yum-brands-r...
itep.org
Yum! Brands’ Recipe for Tax Avoidance: Trump Tax Cuts with a Dash of Malta
the fast-food multinational that owns KFC, Taco Bell, and Pizza Hut reported this week that it made $1 billion of pretax profits in the U.S. last year—and didn’t pay a dime of federal income taxes on ...
120
Matthew Gardner @mindthegaap.bsky.social · 10/03/2026
The Seaboard Corporation became infamous in the '90s as an early example of "corporate welfare" run amok. While many have forgotten the scathing Bartlett & Steele coverage of their "dine and ditch" use of tax incentives, Seaboard is still up to the same old tricks. time.com/archive/6734...
time.com
100