Last year, Yahoo Finance reported that Amazon (AMZN) paid a shockingly low amount in federal income taxes in 2018 on more than $11 billion in profits: $0.
But this year, while the company says it has paid “billions” in taxes for the year 2019, in reality it only paid $162 million in federal income tax — an effective tax rate of 1.2% on over $13 billion in profits.
“We follow all applicable federal and state tax laws, and our U.S. taxes are a reflection of our continued investments, compensation of our employees, and the current tax rules,” Amazon wrote in a blog post on Jan. 31.
Democrat candidates want to raise taxes on the wealthy but I haven't heard much talk out of them about fixing the loopholes in our tax code so that corporations making billions in profits have to pay their fair share in taxes. Deferred taxes for corporations that make huge profits and could easily pay the tax doesn't make sense to me. I'd rather see these corporations pay their taxes now than years later when they might not have the money. Also the tax credits for these corporations needs to be looked at because I don't think Amazon should be getting 1.7 billion in tax credits while paying only 162 million in federal taxes. Loopholes and credits need to for huge corporations doesn't sit right with me. The tax code is to complicated and need to be simplified across the board. None of this paying next to none for companies that make billions in profits.
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