According to a progressive think tank, Amazon paid a -1% federal tax rate last year, which is less than the bottom 20% of Americans did in 2015.
Amazon, the e-commerce giant helmed by the world’s richest man, paid no federal taxes on profit of $11.2 billion last year, according to an analysis of the company’s corporate filings by the Institute for Taxation and Economic Policy (ITEP), a progressive think tank.
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.”
Everyone will likely pile on Amazon for this story but they really should be piling on the federal government. Amazon is simply using the tax breaks that the swamp in Washington put into place. Rather than cut taxes for all Americans, they choose to put in a bunch of loopholes which only big corporations can get. I want taxes cut for all Americans and corporations, what I don’t want is Amazon actually making money off the Federal government and in turn the American taxpayers.
The Palmieri Report is a Pro-America News Outlet founded by Jacob Palmieri two years ago at the age of 19. Since its founding, it has gotten over 100k pages views and over 20k followers. The Palmieri Report is dedicated to debunking the lies spread by the left-wing Mainstream Media.