Amazon Will Pay a Whopping $0 in Federal Taxes on $11.2 Billion Profits. Bezos Cancels NY Campus.

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Amazon is valued at $800 billion and almost doubled its profits between 2017 and 2018 from $5.6 billion to $11.2 billion, but the company will pay $0 in taxes, for the second year in a row.  The Institute on Taxation and Economic noted that Amazon’s tax rate is a result of Trump’s tax cuts that decreased corporate tax rates from 35% to 21%, and failed to close a slew of tax loopholes that allow companies to avoid paying federal and state income taxes on almost half of their profits.

Amazon canceled its plans to expand to New York, which stood to gain 25,000 jobs and an estimated $27 billion in tax revenue over the next two decades.  New York offered the company $3 billion in tax benefits to build a campus in the Long Island City neighborhood.  Amazon supporters blame the New York State Senate for appointing a critic of the deal to a state board that had veto power, and the senate representative refused to even meet with the company.

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.

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%.

Amazon’s low (to non-existent) tax rate has been chided by politicians ranging from Senator Bernie Sanders to President Donald Trump.

Read full article here…

Additional source: https://www.nytimes.com/2019/02/14/opinion/amazon-new-york.html

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