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@joaopinheiro

Actually, usually when someone who understands it and looks they find such "exposures" are just dishonest framing.

Take Amazon as a prime example used in that very discussion. People will cite years in which amazon paid no tax in a bid to mislead people to make this very point. Yet when you actually look at all the years and why this happened you find other years in which amazon pays 90%+ taxes. The reason is easy to understand to people who know taxes. You can differ taxes int he present to opt for growth, and in such years your losses will exceed income (resulting in 0% tax). But then when you realize that growth you have to pay for the growth and your profit eventually. So it usually catches up with you sometime down the line, and you pay massive taxes later.

To put it to actual numbers in 2014 amazon paid nearly 92% tax on their income that year. Which was the counter to several years leading up where their tax rate was between 5% and 10% (lower than average).