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Home / Business / Amazon will pay whopping $ 0 into federal taxes of $ 11.2 billion profit

Amazon will pay whopping $ 0 into federal taxes of $ 11.2 billion profit



They wonder how many noses Amazon, which is valued at one trillion dollars, must pay in federal taxes, may be surprised that the learning of the IRS will read exactly $ 0.00.

According to a report published by the Department of Taxation and Economic (ITEP) policy Wednesday, e-tail / retail / tech / entertainment / all gigantic will not have to pay a percent in federal taxes for the second consecutive year.

This tax-free break comes even though Amazon almost doubled its 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 their tax rate -1

%. [19659002] The Amazon's low tax rate (to non-existent) has been chided by politicians ranging from Senator Bernie Sanders to President Donald Trump.

But even though Trump previously blasted Amazon for its limited state tax – a single presidential tweet caused the company's share s to fall by 9% -ITEP notes that the non-existent federal tax payment is a result of Trump the company's corporate tax-free cuts. The think-tank writes that the labor tax in 2017 not only reduced corporate tax rates from 35% to 21%, but it also did not "close a lot of taxpayer that allows profitable companies to routinely avoid paying federal and state income taxes on nearly half of their profits." 19659002] According to the week Amazon ended up paying an 11.4% federal tax rate between 2011 and 2016, which is a contrast of -1% year.

Amazon has a story of avoiding various sales taxes and made headlines last summer after convincing the Seattle mayor Jenny Durkan to revoke a tax that would have helped the city's homeless people.

Further, New York's waves after learning about the significant tax cuts Amazon made to receive headquarters in Long Island City.

As a result of public and political controversy, Amazon interrupted its plans to extend to New York on Thursday.


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