Posted on 02/15/2019 3:35:48 AM PST by BadLands59
Amazon, which doubled its profits and made more than $11 billion in 2018, won't pay any federal income taxes for the second year in a row, the Institute on Taxation and Economic Policy reported on Wednesday.
The company will not be required to pay the standard 21 percent income tax rate on its 2018 profits, and is claiming a tax rebate of $129 million, which ITEP describes as a "a tax rate of negative 1 percent."
Amazon drew ire in 2018 for not paying federal taxes on its $5.6 billion in profits the year before, which was made possible due to tax credits and stock-based compensation, reports Politifact. Last year was the first time Amazon paid no federal income tax whatsoever.
From 2011 to 2016, Amazon payed federal income tax at a rate of 11.4 percent — less than half of the national rate of 35 percent. Due to President Trump's corporate-friendly tax cuts, Amazon will pay any deferred or postponed taxes at the lowered rate of 21 percent rather than the previous rate of 35 percent, per Politifact.
Based out of Washington state, which has no income tax, Amazon has also been free from state filings on income. Marianne Dodson
How can we sign up ?
“Tax the rich, feed the poor Till there are no rich no more...”
>>Due to President Trump’s corporate-friendly tax cuts
New York was going to give Amazon billions of tax breaks.
And is Trump was so friendly to Amazon, you’d think Bezos would throttle back a bit.
Previous years’ tax losses carried forward to reduce current year’s taxable income are legitimate.
It is amazing that the socialist who rant about this represent groups that haven’t paid income taxes for generations...taxes for thee, not for me.
I’m really not having a problem with this. It was presented to me once upon a time that corporations do not pay taxes anyway. They collect taxes and pass them on to the government so all taxes are paid by individuals.
That was my thought, too.
Should he be redistributing that us po folk?
Well, sheesh, no wonder Alexandria Occasional-Cortex was mad at Amazon.
My problem with it is that the little guy starting out has to pay taxes. That makes it near-impossible to compete with Amazon when they don’t pay taxes.
Was Amazon going to buy/rent/build in AOC’s District or in one slightly to the left?
But how much did they pay their accountants and lawyers to navigate them through the labyrinthine tax code?
Good. Nothing wrong with corporations following federal tax law.
From 1972 when I made my first six figure income and continued upward, I didn't pay a penny in Federal income tax, until Ronaldus Maximus, lowered that income tax rate {and took away many of my deductions}. 1986 was the first years, after 14 federal income tax free years that I paid federal income tax.
I soon after, sold many tax sheltering gas wells, apartment buildings and tax leveraged leases and changed my focus from tax avoidance to income production.
There is no shame in legal tax avoidance, and anyone that pays more than they are forced to, is STOOOOOOPID.
BTW, I was audited by the IRS, at least a dozen times, rarely was I forced to pay any additional taxes, and when I did lose, I considered it a part of doing business.
“That makes it near-impossible to compete with Amazon when they don’t pay taxes.”
Corporations do not “pay” taxes. The corporation’s customers pay taxes through the price of the product. If the company pays additional taxes, they put that amount into the product.
I am no lover of Amazon, but compare what Amazon has done for our economy and what the heck AOC has done.
You must admit there is no contest.
I’ll hold my nose, and choose Amazon every time.
AOC is the most distasteful person to emerge with what she thinks are new ideas...and she is not a good influence.
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I’m with Amazon.
If what they are doing is legal, I have no problem with it. The underlying current of these articles is because they make a lot of money, they are evil and should be destroyed. Typical BS in the media these days.
80,000 pages of tax code make this legit. I don’t understand why anyone whines. If people don’t like this....make the tax code five simple pages, and make everyone pay 7-percent, period.
That's like saying you can't open a business in your garage to build 300-seat passenger jets because Boeing doesn't pay any taxes, isn't it?
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