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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%.
Before we bash Amazon it's important to note the following from the linked to article.
"...ITEP notes that its non-existent federal tax payment is a result of the Trump Administration’s corporation-friendly tax cuts. The think tank writes that the 2017 Tax Cuts and Jobs Act not only decreased corporate tax rates from 35% to 21%, but it also didn’t close “a slew of tax loopholes that allow profitable companies to routinely avoid paying federal and state income taxes on almost half of their profits.”
According to The Week, Amazon ended up paying an 11.4% federal income tax rate between 2011 and 2016, which is a contrast to the -1% rate this year."
Wow, that's terrible, it must have pushed them close to bankruptcy to pay such an onerous tax burden for those years.
> yup the people that live in shithole states saw a boost.
You are working hard to make sure the rest of the country feels no guilt for their shadenfruede.
A Pirate and a Puritan look the same on a balance sheet.