As Small Businesses Flounder: Amazon to Pay $0 Fed Taxes in 2019 on $11 Billion in Profit

[TheBlackAdder]

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Gee, no wonder Wal*Mart and Amazon are destroying local businesses, with advantages no others could get.

A fucking NEGATIVE 1% TAX RATE! You read that right -1%

Amazon almost doubled its profits from $5.6 billion in 2017 to $11.2 billion in 2018, but the company isn’t expected to pay a cent in federal taxes this year, according to a new report.

The Institute on Taxation and Economic policy released its findings Wednesday after examining the company’s corporate filings. Amazon reported a $129 million federal income tax rebate for 2018, equaling a tax rate of negative 1 percent. (The federal corporate income tax rate is 21 percent.)

“The fine print of Amazon’s income tax disclosure shows that this achievement is partly due to various unspecified ‘tax credits’ as well as a tax break for executive stock options,” the report stated.

This would be the second year in a row that the company has avoided paying federal taxes, despite being valued at a whopping $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 continued. “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.”

https://www.huffpost.com/entry/amazon-federal-taxes-2019_n_5c660227e4b01757c369c5b3

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[BigmanPigman]

1. .....

[PSPS]

2. But ... but ... New York made such a big mistake rejecting them!!11!!!!111

[Cha]

3. That's sick.. you'd think the owner would

want to contribute to his country.. maybe give back?

[Me.]

5. No...INstead He Wanted To Pick NYers Pockets

for 3 bil and had a hissy fit when they said no.

[Cha]

10. Happy St Valentine's Day,

Me!

[Chickensoup]

4. Tax is a cost of doing business.

Unless you lie to the people and
pass a tax break to the richest
1% and Line up the pockets of corporate
senior mgt with fat bonuses.

[Me.]

6. For Use Of The Infrastructure & SErvices

Police, Fire Dept. and everything else that helps them along

[defacto7]

7. Sick, just sick.

[Yavin4]

8. Without roads and airports, Amazon could not exist.

Amazon uses a shit ton of public infrastructure.

[TexasBushwhacker]

9. Yeah, I understand that they get credits for taxes they pay in other countries

But they earn billions here too and, as you said, they use our infrastructure. There should be an Alternative Minimum Tax for corporations.

[moondust]

11. All ya gotta do

is have the federal government buy (or nationalize? ) Amazon (and Walmart? ) and locate HQ2 someplace that really needs the jobs. No more taxpayer bribes and they can start paying taxes and living wages. Eliminate the shareholders and they no longer have to focus on maximizing profits. Kinda like an army PX. Or a public option for retail.

See how easy that is?

[Bettie]

12. The tax code needs to be changed

to ensure that corporations pay taxes.

If they aren't breaking any laws and still end up with no tax burden, then that shows us that the tax code is broken and needs serious revision.

[TheBlackAdder]

13. Amazon will follow Koch Ind., JPMG, Xe, and others. Change charter to Ltd. Partner, claim Small Bus.

.

Yes, those billion dollar companies are defined as Small Businesses.

So, when Republicans claim it's bad for small business, they are thinking of the local hardware store, they're talking about these billion dollar companies, with tens of thousands of employees. There are tax codes that only apply to these big companies, with less than 100 owners/partners, that no real small business could use.

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