--- title: Income Tax and You: An Odd Todd Cartoon | TIME description: On Tax Day, Odd Todd offers You a three step program for owing zero dollars in taxes canonical: https://time.com/video/R3RAo99Q/ og:title: Income Tax and You: An Odd Todd Cartoon og:description: On Tax Day, Odd Todd offers You a three step program for owing zero dollars in taxes og:url: https://time.com/video/R3RAo99Q/ og:image: https://cdn.jwplayer.com/v2/media/R3RAo99Q/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: Income Tax and You: An Odd Todd Cartoon twitter:description: On Tax Day, Odd Todd offers You a three step program for owing zero dollars in taxes twitter:image: https://cdn.jwplayer.com/v2/media/R3RAo99Q/poster.jpg?width=720 --- # Income Tax and You: An Odd Todd Cartoon > Sponsored content. Supplied in partnership with TIME. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: Income Tax and You: An Odd Todd Cartoon [Watch (HLS stream): Income Tax and You: An Odd Todd Cartoon](https://cdn.jwplayer.com/manifests/R3RAo99Q.m3u8) (2:19) ![Income Tax and You: An Odd Todd Cartoon](https://cdn.jwplayer.com/v2/media/R3RAo99Q/poster.jpg?width=720) _Published 2010-04-15. On Tax Day, Odd Todd offers You a three step program for owing zero dollars in taxes_ --- Jul 27, 2023 1:30 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [Lost and You: An Odd Todd Cartoon](/video/W8eYxtBn/) ### _Lost_ and You: An Odd Todd Cartoon [The Filibuster and You: An Odd Todd Cartoon](/video/M4E9o5Bz/) ### The Filibuster and You: An Odd Todd Cartoon [Airport Scanners and You: An Odd Todd Cartoon](/video/9DQ9YVKy/) ### Airport Scanners and You: An Odd Todd Cartoon --- ## Transcript >> In 2009, that's 6, 874. 10. I got expenses to deduct of 7, 924. >> Hey. Doing the taxes? >> Let me-- Let me just finish. Seven, six ,-- >> Seven, eight, two, four, seven, seven, four, seven, seven, two. >> Thanks a lot. You know, I have 'till midnight to pay the IRS and you got-- >> Oh, maybe, I can help. How do you feel that if I told you, you could avoid paying income tax in three easy steps. >> I'd say we should, maybe, talk about that offline. >> Nope. Let's talk about it right now. >> Yeah. First, I just wanna make a legal statement that I have nothing to do with this. >> I'm sure that will hold up just fine. Time for step one. First thing you need to do is start a multinational corporation and make sure that it's not profitable in the United States, but very profitable overseas. >> I have 'till midnight. Let me write this down. Start a multinational corporation. Got it. >> Step two, set up a couple dozen wholly- owned subsidiaries in the Bahamas, Bermuda, or the Cayman Islands that could legally shelter billions of dollars in profits. >> Okay. This is getting complicated. I'm gonna need a partner to run my operation in the Caymans. -[ unk ], are you available? Okay. [ unk ], what's next? >> Step three, be sure to lobby congress with billions of dollars to make sure those tax shelters stay right where they are. And if you handle things just right, you could join the 42 percent of U. S. companies that don't pay income tax. Awesome. >> Wait. Did you just say 42 percent of companies don't pay taxes? >> Well, corporations pay lots of taxes. They pay sales tax and state tax and other fees, but a lot of them don't pay income tax. Awesome. >> Let me get this straight. A lot of companies don't pay any income tax, but I can't write off my dog. >> Your dog is not a person. >> Don't say that. He's right there. >> Don't worry he's just a dumb dog. >> Hey. 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