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Amazon Will Pay $0 in Taxes on $11,000,000,000 in Profit for 2018

Kristin Myers, reporting for Yahoo Finance:

According to a report from the Institute on Taxation and Economic Policy (ITEP), Amazon will pay nothing in federal income taxes for the second year in a row.

Thanks to the new Tax Cuts and Jobs Act (TCJA), Amazon’s federal tax responsibility is 21% (down from 35% in previous years). But with the help of tax breaks, according to corporate filings, Amazon won’t be paying a dime to Uncle Sam despite posting more than $11.2 billion in profits in 2018.

That’s fucked up. Not Amazon’s fault, though — it’s our corrupt tax laws.

Wednesday, 20 November 2019