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Thanks to a variety of tax credits and a significant tax break available on pay handed out in the form of company stock, Amazon actually received a federal tax rebate of $129 million last year, giving it an effective federal tax rate of roughly -1 percent.
It is the second year in a row the company has enjoyed a negative federal tax rate on a multibillion dollar profit. That would place the company’s effective federal tax rate below the rate paid by the poorest 20 percent of American households, which had an effective federal tax rate of 1.5 percent in 2015, according to the Tax Policy Center.
“Amazon pays all the taxes we are required to pay in the U.S. and every country where we operate, including paying $2.6 billion in corporate tax and reporting $3.4 billion in tax expense over the last three years,” said an Amazon spokeswoman, Jodi Seth, in a statement. “We have invested more than $160 billion in the U.S. since 2011, building a network of more than 125 fulfillment and sortation centers, air hubs and delivery stations as well as cloud-computing infrastructure and wind and solar farms.”
Those wondering how many zeros Amazon, which is valued at nearly $800 billion, has to pay in federal taxes might be surprised to learn that its check to the IRS will read exactly $0.00. According to a report published by the Institute on Taxation and Economic (ITEP) policy Wednesday, the e-tail/retail/tech/entertainment/everything giant won’t have to pay a cent in federal taxes for the second year in a row. This tax-free break comes even though Amazon almost doubled its U.S. profits from $5.6 billion to $11.2 billion between 2017 and 2018.
To top it off, Amazon actually reported a $129 million 2018 federal income tax rebate- making its tax rate -1%. Amazon’s low (to non-existent) tax rate has been chided by politicians ranging from Senator Bernie Sanders to President Donald Trump.”
That’s you there, btw, Good Citizen, as always. How’s the job situation? Laid off/fired when company went bankrupt? Good luck job hunting! Keeping up with the mortgage? Foreclosed, losing the house? How sad, but guess what? They don’t give a damn about you. Ouch, those 23% interest rate credit cards must hurt, huh? Student loan? Good luck with that! Food prices, and prices in general climbing higher and higher? Hey, life’s not fair, right? Insurance premiums going through the roof? Yeah, life is tough, too, I know. Can’t pay for prescriptions? They could care less, die already. Medical bills? God help you… Such is life in our glorious “land of the free, and the home of the brave,” right? Right? And if you think it’s bad now, you’ve got a truly terrifying awakening to come, much sooner than later.
- CP ○ Meanwhile, In Washington DC our honorable public servants debate solutions to the current problems… VERY STRONG LANGUAGE ALERT, and entirely true!