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Amazon paid $0 in federal income taxes last year
Data journalist covering technological, societal and media topicsDespite doubling its profits, Amazon has paid zero dollars in federal taxes for the second successive year. A recent report fromhas raised huge questions about the tax-paying habits of the tech giant, given that its profits soared from $5.6 billion in 2017 to $11.2 billion last year. Far from paying the statutory 21% income tax rate, the company actually reported a federal income tax rebate of $129 million.
The company also earned a tax rebate of $140 million on its 2017 earnings, meaning the tax rate was -2.5%. Senator Bernie Sanders was among those who criticized Amazon in the wake of ITEP's report, writing on Twitter that"If you paid the $119 annual fee to become an Amazon Prime member, you paid more to Amazon than it paid in taxes". Sanders has been consistently vocal in pressuring the company to increase its wages for staff.
Amazon already made headlines last week after it shelved plans to open a major new corporate campus in New York. The cancellation was welcomed by critics, including many Democrats, who were against the massive subsidies the city was offering to entice the move. Others, however, including New Mayor Bill de Blasio had initially welcomed the move, claiming it would create 25,000 jobs and result in massive economic benefits.
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Amazon Paid $0 In Federal Income Taxes Last Year [Infographic]Far from paying the statutory 21% income tax rate on its 2018 profit, Amazon actually reported a federal income tax rebate of $129 million. That works out at a tax rate of -1.2%.
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