Amazon pays $ 0 in federal taxes this year
Amazon is one of the world's most valuable businesses, valued at nearly $ 800 million, and the e-commerce giant drew $ 232.9 billion in global revenue in 2018.
And yet, the Amazon's federal tax bill this year: $ 0. For the second year in a row
In fact, Amazon gets a federal tax credit of $ 129 million this year, partly due to a combination of tax credits and deductions This despite the fact that Amazon almost doubled its taxable income in 2018 to $ 11.2 billion, from $ 5.6 billion a year earlier.
In other words, Amazon basically pays a -1[ads1] percent federal income tax rate this year having paid a federal rate of more than 11 percent between 2011 and 2016, according to The Week.
Sen. Bernie Sanders, I-Vt., who has criticized Amazon earlier for not paying higher federal taxes, took to Twitter on Thursday to p point that some Amazon Prime members paid more for it per Ogram annual fee ($ 119) than the company paid in federal taxes.
Prime has 100 million subscribers.
"Amazon pays all the taxes we have to pay in the US and every country we operate, including paying $ 2.6 billion in corporate tax and reporting $ 3.4 billion in tax over the last three years," an Amazon spokesman said in a statement. statement issued to CNBC Make It
Amazon reported its substantial federal repayment in a recent corporate filing for the company's fourth quarter revenue report, however, Amazon also notes in that submission that it will pay $ 756 million in total taxes this year between state and international taxes
A report this week from the Department of Taxation and Economic Policy, or ITEP, a non-partial and ideal tax political thought tank, pointed out that Amazon does not pay federal taxes for the second consecutive year, in fact, last year, Amazon received an even bigger repayment and received $ 137 million from the federal government.
A reason for Amazon's non-existent federal taxes Property Tax is the Tax Cuts and Jobs Act that Congress adopted in 2017, which lowered the statutory corporate tax rate from 35 percent to 21 percent. In addition to the lower tax rates for companies, the new Tax Code also "has failed to" close a number of tax loopholes that allow profitable companies to routinely avoid paying federal and state income taxes of nearly half of the profits, "ITEP senior fellow Matthew Gardner wrote in a report on Wednesday.
