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Amazon Will Pay $0 in Federal Taxes on $11.2 Billion Profits (fortune.com)
Those wondering how many zeros Amazon, which is valued at nearly $800 billion, has to pay in federal taxes might be surprised to learn that its check to the IRS will read exactly $0.00. From a report: According to a report published by the Institute on Taxation and Economic (ITEP) policy Wednesday, the e-tail/retail/tech/entertainment/everything giant won't have to pay a cent in federal taxes for the second year in a row. This tax-free break comes even though Amazon almost doubled its U.S. profits from $5.6 billion to $11.2 billion between 2017 and 2018. To top it off, Amazon actually reported a $129 million 2018 federal income tax rebate -- making its tax rate -1%.
Corporations ARE the economy for better or worse. Cutting their taxes isn't trickle down, corporations use that money to build more profit generation which is economic growth. These are your employers, the producers of goods and services, and this is where your retirement money is invested. Even Amazon making a profit here will impact their share price, it'll make major stock holders like Bezos a little more rich on paper but it will grow people with Amazon stocks and bonds in their retirement mix directly. This doesn't so much boost the economy much right now but will have a huge impact on the elderly when they retire. It also has a positive boost on NASDAQ confidence which will help keep the US tech market afloat.
Don't get me wrong, it is ludicrous that Amazon didn't pay anything but pretending there are no large scale economic benefits for the middle class in something like this and especially in increasing capital in corporations on the whole is disingenuous. The flip side is that keeping their wealth invested in giant corporations and never cashing it in means this does grow the wealth of the uber rich on paper and they'll dodge taxes in near perpetuity as they avoid actually cashing in the stock. Instead they just trade stock around and even give stock to charity to dodge paying taxes on what they did cash in. This does need closed. It's why we should be taxing wealth instead of income. Wealth is where the money is hidden not income, attacking corporate income will just hurt middle class investments and small business (which are also corporations).
Trickle down is cutting taxes for the wealthy and your information is outright false here. Trump cut taxes on middle and low earners. He increased the standard deduction and the dependent credits. High earners don't file a standard deduction, they file itemized deductions, and the dependent credits are fixed amounts that are big impact for middle to low earners and nothing more than noise on high income filers.
There is a very notable exception for the wealthy in the form of changes to the death tax and ranches which combines with zero tax on real estate proceeds if you fold it back into a real estate investment but I have to go so people will just to have put two and two together on their own if they care.
Overall, it HAS been shown and now proven out in actual returns that the middle class will on the whole see a massive cut in taxes on their 2018 return.
Meanwhile people from higher tax states subsidize your shithole after all y'all [sic] waste 20% of your incomes on woo-woo sky fairy worshippers. All tax deductible, of course.