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Tuesday, February 19th, 2019

Amazon Won’t Pay a Dime in Federal Taxes This Year

Author:     Jacob Sugarman
Source:     truthdig
Publication Date:     FEB 15, 2019
 Link: Amazon Won’t Pay a Dime in Federal Taxes This Year
Stephan:   Did you pay your taxes last year, will you pay them this year? Amazon didn't and won't. This corporation is the epitome of economic Neoliberalism, which is to say profit is the only social priority. This is so disgusting that it is hard to keep my language civil. Neoliberalism is the reason we have the kind of wealth inequality that we do, and it is literally destroying American society. This is why Neo-feudalism is replacing democracy in the United States, and much of the rest of the world.

Jeff Bezos

Amazon won’t pay a dime in federal taxes this year—just as it didn’t pay a dime in federal taxes the year before.

According to a new report from the Institute on Taxation and Economic Policy (ITEP), which examined Amazon’s public filings, the online retailer reported a $129 million federal income tax rebate for 2018—good for a tax rate of negative 1 percent, or 22 percent below the federal corporate income tax rate. Amazon’s profits this year were $11.2 billion versus $5.6 billion in 2017. As of last September, the company was valued at over $1 trillion.

“When Congress in 2017 enacted the Tax Cuts and Jobs Act and substantially cut the statutory corporate tax rate from 35 percent to 21 percent, proponents claimed the rate cut would incentivize better corporate citizenship,” the report reads. “However, the tax law failed to broaden the tax base or close a slew of tax loopholes that allow profitable companies to routinely avoid paying federal and state income taxes on almost half of their profits.”

Amazon has also benefited from the Supreme’s Court decision […]

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