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
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.