Despite these record profits, the company paid a federal income tax rate of 6.1 percent, or $2.1 billion, in 2021. If the company hadn’t benefited from tax breaks and had paid the already low statutory corporate tax rate of 21 percent, it would have paid $7.3 billion in federal tax. This means that the company successfully dodged $5.2 billion in corporate taxes last year.
Since 2018, the company has only paid an average effective tax rate of 5.1 percent. In 2018 and 2019, Amazon’s tax dodging was especially egregious; in 2019, the company paid 1.2 percent in federal income taxes. The year before, the company paid a negative 1.2 percent tax rate, meaning that it received more money from the government than it paid in taxes.
“It has been well documented for decades that Amazon’s strategy for retail dominance rests on two tactics: avoiding taxes and using the savings to finance a slow strangulation of its retail competition,” the authors of the ITEP report wrote. “First at the state and local level, then federally and internationally, Amazon has bullied lawmakers into bending tax laws to its advantage and made that the source of its competitive advantage over small businesses in the retail space.
Source: News Formal (newsformal.com)
JeffBezos should help the world solve their problems, climatechange Starvation, there’s enough food for everybody on this planet, easy fixes for a man in your position, Watersupply, GreenPower etc.
They should divide a chunk of that un taxed income into rebates for the customers that keep their company moving 👍
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