Amazon reported record profits last year, raking in $35 billion, while successfully dodging $5.2 billion in corporate taxes.
Despite these record profits, the company paid a federal income tax rate of 6.1 percent, or $2.1 billion, in 2021. If the company hadn’t benefited from tax breaks and had paid the already low statutory corporate tax rate of 21 percent, it would have paid $7.3 billion in federal tax. This means that the company successfully dodged $5.2 billion in corporate taxes last year.
Since 2018, the company has only paid an average effective tax rate of 5.1 percent. In 2018 and 2019, Amazon’s tax dodging was especially egregious; in 2019, the company paid 1.2 percent in federal income taxes. The year before, the company paid a negative 1.2 percent tax rate, meaning that it received more money from the government than it paid in taxes.
“It has been well documented for decades that Amazon’s strategy for retail dominance rests on two tactics: avoiding taxes and using the savings to finance a slow strangulation of its retail competition,” the authors of the ITEP report wrote. “First at the state and local level, then federally and internationally, Amazon has bullied lawmakers into bending tax laws to its advantage and made that the source of its competitive advantage over small businesses in the retail space.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Opinion | Paying Rate of Just 6%, Amazon Avoided More Than $5 Billion in Taxes Last Year'It has been well documented for decades that Amazon's strategy for retail dominance rests on two tactics: avoiding taxes and using the savings to finance a slow strangulation of its retail competition.'
Weiterlesen »
'Class Warfare' in Action: Amazon Dodged $5.2 Billion in Taxes in 2021'Amazon's 6% tax rate is a result that lawmakers have enabled and could prevent if they summon the political will to do so.' —iteptweets
Weiterlesen »
For $5.26M, you could have a rare San Francisco poolOriginal grandeur, modern innovations and a luxurious San Francisco backyard could be yours for $5.26 million.
Weiterlesen »
Secret DEA Files Sell For Just $5 On Facebook—Here’s How Gangs (And Cops) Use Social MediaFacebook is used by drug, gun and human trafficking gangs to organize, intimidate and brag. Some police say they’re glad, from an investigatory perspective, that social media giants don’t always kick the crews off their platforms.
Weiterlesen »
‘Reacher’ Renewed for Season 2 at Amazon“Reacher” has snagged an early Season 2 renewal at Amazon. The action thriller series debuted on the streamer just three days ago, on Feb. 4. It is based on the Jack Reacher novel serie…
Weiterlesen »
‘Reacher’ Renewed For Season 2 At AmazonJack Reacher is returning. Amazon has renewed Alan Ritchson-fronted action drama series Reacher for a second season. The fast turnaround renewal comes three days after the streamer launched the Lee…
Weiterlesen »