Amazon doubled its profits in 2018, to $11.2 billion; the company will receive a $129 million tax rebate for the year.
Though Trump denounced Amazon’s tax return, Amazon actually has Trump’s tax deal, which handed massive breaks to America’s richest people and corporations, to thank.
In contrast to Amazon’s $129 million tax rebate, millions of Americans will not get their customary tax rebate this year, and many Americans will owe additional tax.
According to The Week, Amazon ended up paying an 11.4% federal income tax rate between 2011 and 2016, which is a contrast to the -1% rate this year.
Amazon has a history of avoiding various sales taxes and made headlines last summer after successfully convincing Seattle Mayor Jenny Durkan to repeal a tax that would have helped the city’s homeless population.
Amazon Will Pay a Whopping $0 in Federal Taxes on $11.2 Billion Profits [Laura Stampler/Fortune]
from Boing Boing https://boingboing.net/2019/02/15/trump-loves-bezos.html